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Manila Bulletin devider Business devider MGreen, Singaporean firm seal JV for Ilocos solar project

MGreen, Singaporean firm seal JV for Ilocos solar project

Published Feb 8, 2022 03:15 pm

MGen Renewable Energy Inc. (MGreen), a subsidiary firm of Meralco PowerGen Corporation, has cemented a joint venture deal with Singapore-headquartered Vena Energy for a 68-megawatt ac (MWac) solar farm development in Ilocos Norte.

The corporate vehicle of the partner-firms for the blueprinted solar installation in Ilocos Norte will be the Nuevo Solar Energy Corporation (NSEC) to located in the municipality of Currimao. The solar facility, which is adjacent to the existing 16MWac solar facility undertaken by Vena Energy, is targeted to be on commercial stream by the third quarter of 2023.

MGen and Global Business Power Corporation (GBP) President & CEO Jaime T. Azurin said the Ilocos solar project will be the “latest addition to our ongoing 1,500MW target of renewable energy projects.”

That scale of RE development, he emphasized, will showcase “our company’s stern commitment to transition towards low-carbon energy in an orderly and cost competitive manner anchored on One Meralco’s long-term sustainability agenda.”

Following the integration of Meralco’s power generation businesses -- which amalgamated the project developments as well as corporate operations of Meralco Power and GBP, the initial projects pushed by the company had been solar ventures, including the 75MWac installation in Rizal province that broke ground last year.

The company also has its commercially operating 55MW BulacanSol project, its first RE venture installed in San Miguel, Bulacan.

Relative to MGen’s renewable energy portfolio target, Azurin asserted that “we are starting the year 2022 strong with the intention to fast-track the attainment of this goal within the next seven years.”

For his part, Samrinder Nehria, head of Vena Energy Philippines, said their company is “delighted to have MGreen as our partner for the joint development, construction and operation of (the Ilocos solar) project,” noting that their JV will “combine our experience and on-the-ground execution and make significant impact in accelerating the energy transition in the Philippines.

He conveyed that Vena Energy already has five operating wind and solar projects in the country with aggregate capacity of 248 megawatts; and on its development pipeline is 1,100MW of added RE capacity.

“We are confident that our local knowledge and expertise will successfully deliver this project to the region,” Nehria stressed.

Related Tags

#MGREEN #MGEN #VENAENERGY #MERALCO #RE #SOLAR
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