MGEN Renewable Energy, Inc. (MGreen) has secured equity funding amounting to P424 million that will be used to invest in various solar projects under development. These solar projects have a combined capacity of 210 megawatts (MW) and total combined project cost of PhP10 Billion.
MGreen is the renewable energy subsidiary of Meralco PowerGen Corporation (MGen), which in turn is the power generation arm of Meralco. The company was established to serve as the platform for the strategic push to develop renewable energy projects, primarily solar, wind and run-of-river hydro.
According to MGen President and CEO Rogelio L. Singson, these projects are in line with the company’s commitment to develop large-scale renewable energy projects that will provide reliable, environment-friendly power at competitive prices without the need for subsidy.
“We believe that now is the time to focus on building our green energy capacity and we intend to be a key player in the renewable energy space,” said Mr. Singson, adding: “We also hope to contribute to the country’s transition towards sustainable energy.”
MGreen earlier announced its plan to invest in 1,000 MW of renewable energy projects over the next five to seven years.
“MGen, through MGreen, will continue working on the realization of our project opportunities and will work in partnership with established developers to maximize our growth potential,” concluded Mr. Singson.
Besides advancing renewable energy prospects, MGen is also focused on utilizing high efficiency, low emission (HELE) technology for its baseload power plants.