Meralco Power Gen Corp. (MGen), through subsidiary MGen Renewable Energy Inc. (MGreen), on Tuesday signed an investment agreement with Vena Energy, to jointly develop, construct and operate the 450-megawatt Bugallon solar project in Pangasinan under 3 Barracuda Energy Corp. (3BEC).
The project is acknowledged as one of the biggest solar power ventures in the Philippines and expected to reach financial close and start construction in the quarter ended September this year.
3BEC also targets to start commercial operations by the fourth quarter next year.
Documents 3BEC submitted to the Department of Environment and Natural Resources (DENR), estimated the project cost at P31.9 billion.
MGreen and Vena Energy are partners in the 68-MW Garcia 2 solar project in Ilocos Norte. Each own an equal 50 percent stake in Nuevo Solar Energy Corp.
MGen is a wholly-owned Meralco subsidiary focused on developing power generation projects. Its portfolio of coal, liquified natural gas, diesel and solar power plants generate 2,425 MW of capacity.
