Vena Energy and MERALCO PowerGen Corporation’s renewable energy arm, MGen Renewable Energy, Inc. (MGreen), have finalized their financing agreements for the 550-megawatt (MW) Bugallon Solar Power Project in Pangasinan, which, once operational, is expected to generate approximately 958 gigawatt-hours (GWh) of clean energy annually, enough to power over 810,000 households and reduce greenhouse gas emissions by 640,000 tons each year.
Manila Bulletin reported that the companies verified securing a green loan facility worth around Php 18.3 billion from Security Bank Corporation (SB), Rizal Commercial Banking Corporation (RCBC), and Philippine National Bank (PNB).
SB Capital Investment Corporation, RCBC Capital Corporation, and PNB Capital and Investment Corporation are the mandated lead arrangers (MLA), with RCBC functioning as the green loan coordinator.
The key role of an MLA is to structure the loan deal, negotiate the terms, and ensure the loan meets the needs of both the borrower and lenders. The green loan coordinator, on the other hand, facilitates and promotes loans that support sustainability initiatives.
The Bugallon Solar Power Project is expected to offer around 7,000 jobs during construction, prioritizing workforce participation from communities in Bugallon and neighboring areas. Construction is expected to be completed by the fourth quarter of this year.
Vena Energy’s chief investment officer Simone Grasso said that this agreement is a key event that encourages the expansion of renewable energy production in the Philippines.
Vena Energy’s renewable energy portfolio includes onshore wind, solar, and offshore wind projects with a combined capacity of 39 gigawatts (GW). The company is also developing a green infrastructure pipeline comprising 24 GWh of battery energy storage systems (BESS) and 620 MW (DC) of data centers, among other initiatives.
MGreen president and CEO Dennis Jordan said that this joint initiative has helped the firm align visions, guaranteeing a sure step toward a sustainable energy future.
With the Bugallon Solar Power Project underway, the Philippines takes another step toward a sustainable energy future. Stay informed on how this green initiative will power homes, create jobs, and protect the environment by following Power Philippines.
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