The renewable energy arm of Meralco PowerGen Corp. (MGen) secured the necessary budget for its solar projects in Isabela and Nueva Ecija.
The subsidiary units of MGen Renewable Energy, Inc (MGreen), such as Greenergy for Global Inc. (GGI) obtained a P2.034 billion loan with a 15-year term facility from the Security Bank Corporation.
The MGreen’s fund would push through the construction of the 49-megawatt alternating current (MWac) solar project located in Cordon, Isabela.
The Greentech Solar Energy, Inc. (GSEI), on the other hand, has acquired P791 million through a similar 15-year loan term facility from Security Bank. This would allow developments for the 19.75 MWac solar plant in Bongabon, Nueva Ecija.
Both solar projects have an overall capacity of 67.75 MWac of renewable energy, with a total funding of P2.8 billion. These infrastructures help expand the solar power capacity and pose a great contribution to the nation’s green energy goal.
GGI and GSEI are two of the successful bidders during the second round of the Green Energy Auction Program (GEAP) of the Department of Energy (DOE), and they are expecting a target commercial operation for their solar plants by the first quarter of next year.
MGreen President and chief executive officer Jaime Azurin expressed gratitude for the recent loan signing between them and the Security Bank’s Trust and Asset Management Group.
“This signing is more than a formal agreement; it is a commitment to progress and a shared vision for a sustainable future. This loan will facilitate growth, foster innovation, and create opportunities that will benefit many. It is a stepping stone toward achieving our collective goals and realizing our aspirations” he said.
Louie Maloles, Security Bank Senior Vice President (SVP), also stated its commitment to sustainable financing through its collaboration with MGreen’s solar projects.
Present during the signing were MGen and MGreen representatives, treasurer Aldwin Ang; chief finance officer Rochel Gloria; expanding markets division head Dan Neil; VP for business development Vivek Parmar and Ara Galban; AVP for treasury Carissa Melgar; and senior legal counsel Jo Ocampo.
Also present during the event were Security Bank VP Roberto Tejuco, Jr.; and the representatives from Puno and Puno Law Office and Romulo Mabanta Buenaventura Sayoc & De Los Angeles Law Firm.