Meralco PowerGen Corp., which acquired a majority take in PowerSource First Bulacan Solar Inc., will start the commercial operations of its 50-megawatt solar project in Bulacan province this month.
The P4.25-billion Bulacan solar project is MGen’s first solar investment covering a land area of 72 hectares in San Miguel town.
MGen acquired an additional 20-percent equity in PFBSI through wholly-owned subsidiary MGen Renewable Energy Inc. in January to bring up its indirect holdings to 60 percent. Power retailer Manila Electric Co. owns 100-percent stake in MGen.
The project reached a completion rate of 94.47 percent as of April 19.
“MGreen targets around 1,500 MW of renewable energy projects over the next five to seven years. The focus is on the development of a portfolio of utility scale solar, wind and hydro power projects to supply Luzon grid and electricity consumers with competitive tariff,” MGen president Rogelio Singson said.