MGen raises stake in PFBSI
Danessa Rivera – January 5, 2021 – 12:00am
from The Philippine Star
MGen earlier said it plans to acquire additional 20 percent equity in PowerSource First Bulacan Solar Inc. (PFBSI), where it owns 40 percent through MGen Renewable Energy Inc.
MANILA, Philippines — Meralco Powergen Corp. (MGen), the power generating arm of Manila Electric Co. (Meralco), has hiked its stake in its first solar power project.
MGen earlier said it plans to acquire additional 20 percent equity in PowerSource First Bulacan Solar Inc. (PFBSI), where it owns 40 percent through MGen Renewable Energy Inc. (MGreen).
MGen president and CEO Rogelio Singson confirmed that MGreen has already raised its stake in the solar power project.
The project, which costs P4.25 billion, has a capacity of 50 megawatts (MW) covering a total land area of 72 hectares.
It started construction last December and was originally set to start operating by end-2020.
This is because the lockdowns imposed to control the spread of COVID-19 delayed the engineering, procurement and construction (EPC) contractor and solar panels are coming from China.
PFBSI tapped SUMEC Complete Equipment & Engineering Co. Ltd. to build the solar project.
Construction has since resumed in May, with the overall progress reaching 74.31 percent as of October 12, 2020.
PFBSI will sell energy to Manila Electric Co. (Meralco) under an approved power supply agreement (PSA).
The said solar project is PFBSI is the first solar investment of MGen through MGreen.
The investment was made as part of its commitment to undertake the development of 1,000-2,000 MW of renewable energy projects in the next five to seven years.
Forming part of the 1,000 MW portfolio is 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.
