MGen Renewable Energy, Inc. (MGreen) said on Wednesday that its 68-megawatt-alternating current (MWac) solar plant project with Vena Energy is set to complete energization by the end of 2022.
“We are looking forward to commencing its operations soon and witnessing how it would help advance economic progress and create better lives for all,” said Jaime T. Azurin, president and chief executive officer of Meralco PowerGen Corp. (MGen), in a press release.
The solar project, which is a joint venture between MGreen and Vena Energy is expected to commence operations by the first quarter of 2023.
MGreen is the renewable energy subsidiary of MGen, the power generation arm of listed electric distribution utility Manila Electric Co. (Meralco).
“We are most grateful for the continued support of the government of Currimao and Ilocos Norte, and to everyone working on the ground for the timely accomplishment of this solar facility with Vena Energy,” Mr. Azurin added.
Samrinder Nehria, head of Vena Energy Philippines said the project will play an important role in accelerating the energy transition in the country.
“We look forward to delivering it on time safely for the benefit of the nation and our host communities,” he said.
Under Meralco’s long-term sustainability agenda, MGen is targeting to build 1,500 MW of renewable projects by 2029.
Last year, MGen launched the commercial operations of BulacanSol’s 55-MWac solar plant, in San Miguel, Bulacan followed by the construction of a 75-MWac solar project in Baras, Rizal through PH Renewables, Inc.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose