MGen Renewable Energy, Inc. (MGreen), the RE investment arm of Manila Electric Company (Meralco), and Singapore-headquartered Vena Energy have formed a joint venture for the construction of their 68-megawatt ac (MWac) solar power project in Currimao, Ilocos Norte.
The project is expected to be completed by end this year and ommercial operations by the first quarter of 2023.
“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 CEO of Meralco PowerGen.
This is the first joint venture between the RE subsidiary company of Meralco to that of Vena Energy – and as Azurin noted, they consider the advancement of the project to implementation phase as “celebration of both small and big wins” with him noting the hurdles that confronted them in bringing the venture to fruition.
One of the factors that had been cited by the MGreen executive is the “continued support of the local government of Currimao and Ilocos Norte, and to everyone working on the ground for the timely accomplishment of this solar facility with Vena Energy.”
Samrinder Nehria, head of Vena Energy Philippines, similarly indicated that his company “looks forward to delivering it on time safely for the benefit of the nation and our host communities.”
He further asserted that “through our partnership with MGreen, this project will play an important role in accelerating the energy transition in the Philippines.”
This is already the second solar farm development of Vena Energy in the area, the other one has been the 16MWac Garcia solar farm that was commissioned in 2016 and is close to the site of the Currimao project.
The renewable energy investment buildup being cast by the Meralco subsidiary-firm within five to seven-year period will be 1,500 megawatts of aggregate RE capacities, that can be delivered from solar, onshore and offshore wind, hydro and potentially biomass sources.
The RE development approach of Meralco is more of a slowly-but-surely pace if compared to the aggressive pipeline of industry competitors who have been advancing installations on gigawatts-scale.
Currently in Meralco’s RE development platform are its 55MW BulacanSol solar farm development in San Miguel, Bulacan which is already operational; and its 75MWac solar project that is now under development in Baras, Rizal.