Isabela and Bongabon Solar Power Plants

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"The project comprises the construction of two solar power plants: 49-MW solar project in Cordon, Isabela and the 18.75-MW alternating current (MWac) solar power plant project in Bongabon, Nueva Ecija, both in the Philippines. The sponsor is Meralco PowerGen Corporation (MGen) with its subsidiary MGen Renewable Energy, Inc. (MGreen). MGen Renewable Energy, Inc. (MGreen) has finalized $48m (or P2.8 billion) financing deal with Security Bank to support the development of the two solar power plants, with a combined capacity of 67.75 MW. Greenergy for Global Inc. (GGI), a subsidiary of MGreen, has secured a project financing facility of $34.9m or P2.034 billion for the solar project in Cordon, Isabela, spanning 15 years. Another subsidiary of MGreen - Greentech Solar Energy, Inc. (GSEI) obtained a $13.57m or P791 million, 15-year term project financing facility for the development of the solar plant in Bongabon, Nueva Ecija. The company was awarded the project in Department of Energy (DOE)’s second round of Green Energy Auction Program. Greentech Solar Energy Inc. (GSEI), a subsidiary of MGreen Renewable Energy Inc., broke ground on an 18.75-megawatt alternating current (MWac) solar power plant project in Bongabon, Nueva Ecija. (Feb 21st, 2024) GGI and GSEI are among the successful bidders in the Department of Energy’s second round of the Green Energy Auction Program. The total capacity of the two plants is 67.75MW. The planned commercial operation for both solar plants is scheduled for the first quarter of 2025. Jaime Azurin, president and CEO of MGreen, said: “This signing is more than a formal agreement; it is a commitment to progress and a shared vision for a sustainable future. This loan will facilitate growth, foster innovation, and create opportunities that will benefit many. It is a stepping stone toward achieving our collective goals and realizing our aspirations.” MGreen currently operates three solar plants in Luzon, namely: PowerSource First Bulacan Solar, PH Renewables, and Nuevo Solar Energy Corp., with a total gross capacity of 191 MW. MGen is a wholly-owned subsidiary of power utility giant Manila Electric Company (Meralco)." https://bilyonaryo.com/2024/05/24/meralco-unit-secures-p2-8-billion-funding-for-new-solar-farms-in-isabela-and-nueva-ecija/power/ ; https://www.philstar.com/business/2024/03/01/2337125/mgreen-unit-breaks-ground-nueva-ecija-solar-plant#:~:text=(GSEI)%2C%20a%20subsidiary%20of,of%20renewable%20projects%20by%202030. ; https://pco.gov.ph/news_releases/pbbm-isabela-ground-mounted-solar-project-to-bolster-ph-energy-sources/ ; https://www.meralcopowergen.com.ph/mgreens-greenergy-for-global-inc-kicks-off-solar-power-plant-project-in-isabela/ https://bilyonaryo.com/2024/05/24/meralco-unit-secures-p2-8-billion-funding-for-new-solar-farms-in-isabela-and-nueva-ecija/power/ ; https://www.philstar.com/business/2024/03/01/2337125/mgreen-unit-breaks-ground-nueva-ecija-solar-plant#:~:text=(GSEI)%2C%20a%20subsidiary%20of,of%20renewable%20projects%20by%202030. ; https://pco.gov.ph/news_releases/pbbm-isabela-ground-mounted-solar-project-to-bolster-ph-energy-sources/ ; https://www.meralcopowergen.com.ph/mgreens-greenergy-for-global-inc-kicks-off-solar-power-plant-project-in-isabela/