CURRIMAO, Ilocos Norte – Nuevo Solar Energy Corp. (NSEC), a joint venture between MGen Renewable Energy Inc. (MGreen) and Vena Energy, inaugurated the 68-megawatt (MW) Garcia 2 solar project here through a switch-on ceremony today, March 30.
The $65 million (P3.5 billion) project is selling its output to a local retail electricity supplier.
MGreen is a wholly owned renewable energy unit of Meralco PowerGen Corp. (MGen), the power generation arm of Manila Electric Co. (Meralco).
Jaime Azurin, MGen president and CEO told reporters that this early there are talks of further expansion of the partnership.
“They are looking at it. This is a test period for both of us. I think there is some good synergy and we hope to expand,” Azurin said.
MGreen and Vena Energy share a 50:50 stake in NSEC.
“We are delighted to partner with MGreen in this project and it is a testament to our joint experience and expertise to deliver this project successfully within a span of only 12 months. We look forward to more of such collaborations in the future,” said Samrinder Nehria, Vena Energy Philippines head, at the project site.
Apart from contributing to the attainment of the 35 percent renewable energy target mix by 2030 set by the government, Azurin bared the NSEC looking to bring economic progress by providing additional power supply through MPower, the local electricity supply arm of Meralco.
NSEC’s 68 MW solar plant is also part of MGen’s larger initiative to build 1,500 MW of renewable energy projects over the next five years. It expects to launch another 75 MW solar project in Baras, Rizal this year.
Vena Energy is headquartered in Singapore. It owns, develops, constructs, operates, manages and commercializes a renewable energy portfolio that include solar, onshore wind, offshore wind, energy storage and hybrid renewable energy projects.
