PowerSource First Bulacan Solar, Inc. (PFBSI) on Friday executed an engineering, procurement and construction (EPC) contract with SUMEC Complete Equipment & Engineering Co. Ltd. for its solar power project.

The contract covers a 50-MWac solar plant in San Miguel, Bulacan. The project– which costs PhP4.25 Billion – will sell energy to Meralco under an approved power supply agreement (PSA).

MGEN Renewable Energy, Inc. (MGreen) holds a 40% interest in PFBSI. Other shareholders are PowerSource Global Holdings Corporation (36%) and Singapore’s Sunseap International Pte. Ltd. (24%).

MGreen is the renewable energy subsidiary of Meralco PowerGen Corporation (MGen). The Bulacan project is the company’s first solar investment, according to MGen President and CEO Rogelio L. Singson.

“We are committed to undertake 1,000 MW of renewable energy projects in the next five to seven years. This start is one of the lego pieces that will make a thousand,” Mr. Singson said during the contract signing.

MGreen plans to develop large-scale solar, wind and hydropower projects that will provide reliable, environment-friendly power at competitive prices without the need for subsidy.

Besides advancing renewable energy prospects, its parent company is also focused on utilizing high efficiency, low emissions (HELE) technology for baseload power plants.