International renewable solutions provider Vena Energy and MGen Renewable Energy Inc., the renewable energy arm of Meralco PowerGen Corp., have completed the financial and accounting processes for a 550-megawatt solar power plant in Bugallon, Pangasinan.
Construction has already started and the facility is expected to be completed by the fourth quarter of this year.
“The financial close of the Bugallon Solar Power Project represents a significant milestone in advancing renewable power generation in the Philippines,” Vena Energy Chief Investment Officer Simone Grasso said.
“We appreciate the unwavering confidence and support of our banking partners in our initiatives. This facility will be instrumental in driving our growth in the Philippines as we continue to deliver innovative green solutions to our customers across the Asia Pacific,” he added.
Once operational, the plant will be capable of generating approximately 958-gigawatt hours of clean energy per year, enough to power more than 810,000 Philippine households while avoiding over 640,000 tons of greenhouse gas emissions.
The company said that around 7,000 employment opportunities were expected to be created in Bugallon and nearby areas.
The solar project is financed partly through a green loan facility of P18.30 billion ($325 million) with Security Bank Corp., Rizal Commercial Banking Corp. and Philippine National Bank.
Meralco’s share price rose by P10.00 to close at P489.00 each on Wednesday.
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