MGreen ties up with Vena for solar plant
BY LENIE LECTURA – FEBRUARY 8,
from Business Mirror
MGen Renewable Energy Inc. (MGreen), the renewable energy unit of Meralco PowerGen Corp. (MGen), has partnered with Vena Energy (Vena)—a leading renewable energy company in the Asia-pacific region—for a 68-megawatt (MW) solar power project in Ilocos Norte.
They formed Nuevo Solar Energy Corp. (NSEC) to develop, construct and operate the solar plant in the municipality of Currimao in Ilocos Norte, which is an adjacent project to Vena’s existing 16 MW Garcia solar project in the area commissioned in 2016. The 68MW solar project is targeted to commence operations by the first quarter of next year.
“We are excited with this new partnership with Vena Energy. This project in Ilocos is the latest addition to our ongoing 1,500 MW target of renewable energy projects, showcasing our Company’s stern commitment to transition towards low-carbon energy in an orderly and cost-competitive manner anchored on ONE MERALCO’s long-term sustainability agenda,” said MGen and Global Business Power President and Chief Executive Officer Jaime Azurin.
MGen is the power generation arm of Manila Electric Co. In 2021, the company commenced commercial operations of BulacanSol’s 55 MW solar plant, its first renewable energy (RE) venture located in San Miguel, Bulacan. This was immediately followed by the groundbreaking of another 75 MW solar project in Baras, Rizal through PH Renewables Inc.
“We are starting the year 2022 strong with the intention to fast-track the attainment of this goal within the next seven years that is ultimately in support of the country’s achievement of 35 percent RE share by 2030 and eventually, 50 percent by 2040,” Azurin added.
Vena Energy owns, develops, constructs, operates, manages and commercializes a renewable energy portfolio totaling 16 GW of solar, onshore wind, offshore wind, battery storage and hybrid renewable energy projects, with 48 corporate and site offices in Australia, India, Indonesia, Japan, Philippines, Singapore, South Korea, Taiwan, and Thailand.
Since entering the Philippines in 2014, Vena Energy’s renewable energy portfolio consists of 248 MW of solar and wind projects, and a further 1.1GW of projects in development.
“We are delighted to have MGreen as our partner for the joint development, construction and operation of this project, which combines our experience and on-the-ground execution and make a significant impact in accelerating the energy transition in the Philippines.
Locally, we have a portfolio of five operational wind and solar projects totaling 248 MW, and a development pipeline of more than 1.1 GW, and we are confident that our local knowledge and expertise will successfully deliver this project to the region,” said Samrinder Nehria, Head of Vena Energy Philippines.
