Renewable energy arm of MGen MGreen has acquired an equity funding worth P424 million that will be used for the development of solar projects, with an overall capacity of 210 MW.
The total project cost is around P10 billion.
MGen President and CEO Rogelio L. Singson said the projects are in line with the company’s commitment to develop large-scale renewable energy projects that will provide reliable, sustainable, and affordable 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,” Singson said in a statement.
“We also hope to contribute to the country’s transition towards sustainable energy,” he added.
Earlier, MGen announced that it is eyeing to invest in 1,000 MW of renewable energy projects in 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 Singson.
MGen is also focused on using high efficiency, low emission (HELE) technology for its baseload power plants.