A 450-megawatt (MW) solar plant in Pangasinan is set to augment the national grid’s supply of clean energy by the last quarter of 2025 under the partnership of MGen Renewable Energy Inc. (MGreen), the renewable energy arm of Meralco PowerGen Corp. (MGen) and Singapore-based Vena Energy.

MGreen announced on Thursday, through a media statement, its partnership with Vena to jointly develop, construct, and operate the Bugallon Solar Power Project in Bugallon, Pangasinan.

Although details regarding the project’s cost and the ratio of interest sharing between MGreen and Vena haven’t been disclosed, 3 Barracuda Energy Corporation (3BEC) has been established as a joint venture company responsible for overseeing the project’s developments.

By the third quarter of 2024, the parties aim to finalize financial arrangements and commence construction. Once these are followed, commercial operations can begin by the end of next year.

Power commitment

“Beyond ink and paper, the signing of this investment agreement for our 450 MWac Solar Power Project in Bugallon, Pangasinan is a testament to our commitment to power the good life of many Filipinos through solar energy,” MGreen President and CEO Dennis B. Jordan said.

Nitin Apte, the CEO of Vena Energy, emphasized that the project would help expedite the transition towards sustainable energy and promote renewable solutions in the country.

“At Vena Energy, we are committed to accelerating the energy transition and advancing renewable solutions that foster sustainable growth and environmental stewardship. The Bugallon Solar Power Project stands as a testament to our shared responsibility and dedication to engineering a greener future for the Philippines,” Apte said.

MGen, a fully owned subsidiary of Manila Electric Company, concentrates on using cutting-edge and highly effective technologies. It owns and runs Global Business Power Corporation and MGreen, which offer its customers a dependable and price-competitive power supply.

On the other hand, Vena Energy’s renewable energy portfolio, which includes onshore wind, solar, offshore wind, and portable energy storage projects, has a total capacity of 45 gigawatts as of the end of 2023.