Meralco PowerGen Corp., which took a majority stake in PowerSource First Bulacan Solar Inc., expects the completion of a 50-megawatt solar power plant in the first quarter.
Manila Electric Co. said in a disclosure to the stock exchange Thursday that unit MGen acquired an additional 20-percent equity in PFBSI through wholly-owned subsidiary MGen Renewable Energy Inc. to bring up indirect holdings to 60 percent. Meralco owns 100 percent stake in MGen.
“The acquisition is in line with MGen’s goal to diversify and increase investment in the renewable energy sector,” Meralco said.
PFBSI was registered with the Securities and Exchange Commission on Oct. 29, 2015. The company is engaged in the development, construction and operation of solar-powered generation facilities and is constructing a 50-MW utility scale solar facility in San Miguel, Bulacan. The project is estimated to cost P4.2 billion.