MGEN Renewable Energy Inc., the renewable energy subsidiary of Meralco PowerGen Corp., acquired a 40-percent stake in PowerSource First Bulacan Solar Inc. which is developing a P4.25-billion solar power project in Bulacan province.
Meralco PowerGen president and chief executive Rogelio Singson said the Bulacan project would be the company’s first solar investment.
“We are committed to undertake 1,000 megawatts of renewable energy projects in the next five to seven years. This start is one of the lego pieces that will make a thousand,” Singson said in a statement.
PFBSI executed an engineering, procurement and construction contract with SUMEC Complete Equipment & Engineering Co. Ltd. for the 50-megawatt solar plant in San Miguel, Bulacan on Friday.
The solar project will sell energy to Manila Electric Co., Meralco PowerGen’s parent firm under an approved power supply agreement.
Other shareholders of PFBSI are PowerSource Global Holdings Corp. (36 percent) and Singapore’s Sunseap International Pte. Ltd. (24 percent).
MGEN plans to develop large-scale solar, wind and hydropower projects to provide reliable and environment-friendly power at competitive prices without the need for subsidy.
The company plans to put up a 110-MW floating solar project in the Laguna Lake. It is also looking at other floating solar projects around the country.
Aside from advancing renewable energy prospects, Meralco PowerGen is also focused on utilizing high-efficiency, low-emission technology for baseload power plants.