PH Renewables Inc. (PHRI), a subsidiary of MGEN Renewable Energy Inc. (MGreen), has secured a Php 2.65 billion loan for its 75-megawatt-AC (MWAC) solar project in Baras, Rizal.
Slated for commercial operations in the first quarter of 2023, the solar farm will supply renewable energy to MPower, the retail electricity supply arm of the Manila Electric Co. (MERALCO). It will be located within the Philippine Communications Satellite Corporation grounds.
“We welcome having like-minded partners like Mitsui and RCBC in advancing the expansion of renewable energy projects in the country. We look forward to taking part in this evolving energy landscape as we move towards our target of building 1,500MW of renewable energy over the next seven years,” Meralco PowerGen Corporation (MGEN) president and CEO Jaime Azurin said in a statement.
The project will be financed by the Rizal Commercial Banking Corporation (RCBC). Meanwhile, RCBC Capital Corporation will serve as the arranger of the project.
“This undertaking greatly benefits the country and the environment in general. While the endeavor was not without its challenges, the group was able to overcome these with flying colors, making it a more fulfilling exercise,” RCBC Capital president and CEO Jose Luis Gomez.
PHRI is a joint venture between MGreen and Mitsui & Co. subsidiary Mit-Renewables Philippine Corporation (Mit-Renewables).
MGreen is also working on a 68 MWAC solar project in Currimao, Ilocos Norte with Vena Energy.