MGen Renewable Energy Inc. (MGreen), the renewable energy arm of Meralco PowerGen Corp. (MGen), signed an investment agreement with Vena Energy (Vena) to jointly develop, construct and operate the 450-megawatt Bugallon Solar Power Project in Bugallon, Pangasinan under 3 Barracuda Energy Corp. (3BEC).
The project will be one of the biggest solar power ventures in the Philippines and is expected to reach financial close and start construction by the third quarter of 2024. Commercial operations are targeted by the fourth quarter of 2025.
MGreen chief executive Dennis Jordan said in a statement Thursday the project is a significant milestone in the journey towards a sustainable future. MGreen is expected to take a 50-percent stake in 3BEC.
“Beyond ink and paper, the signing of this investment agreement for our 450-MWac solar power Project in Bugallon, Pangasinan is a testament to our commitment to power the good life of many Filipinos through solar energy,” Jordan said.
Vena Energy chief executive Nitin Apte said the company is committed to accelerating the energy transition and advancing renewable solutions that foster sustainable growth and environmental stewardship.
“The Bugallon Solar Power Project stands as a testament to our shared responsibility and dedication to engineering a greener future for the Philippines,” Apte said.
MGreen’s parent firm MGen owns and operates Global Business Power Corp.
Vena Energy owns, develops, constructs, operates, manages and commercializes a renewable energy portfolio of onshore wind and solar, offshore wind and stationary and transportable energy storage projects totaling 45 gigawatts, with an extensive local presence of more than a thousand employees across eighty-six offices in the Asia-Pacific region.
According to documents submitted to the Department of Environment and Natural Resources previously, 3BEC was initially looking at 650 MW of capacity at a project cost of P31.9 billion for the Bugallon solar power project.
