MANILA Electric Co. (Meralco) said Friday that the business units of its subsidiary, MGen Renewable Energy Inc. (MGreen), had secured around P2.8 billion in loan facilities from Security Bank Corp. to fund solar power projects.

Greenergy for Global Inc. (GGI) secured a P2.034-billion, 15-year project financing facility to fund the ongoing construction of a 49-megawatt-alternating current (MWac) project in Cordon, Isabela.

Greentech Solar Energy Inc. (GSEI), meanwhile, secured a P791-million, 15-year project financing facility from to develop a 18.75-MWac plant in Bongabon, Nueva Ecija

"This signing 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 President and Chief Executive Officer Jaime Azurin said.

Security Bank Senior Vice President Louie Maloles said the collaboration allowed the bank to pursue a drive toward sustainable financing and its commitment for better banking.

GGI and GSEI were among the winning bidders in the Department of Energy's Green Energy Action-2 program and both projects are expected to play a strategic role in MGreen's goal to expand its capacity and contribute to the nation's renewable energy aims.

The two solar plants are targeted to start commercial operations in the first quarter of 2025.

Meralco shares fell by 1.55 percent to P369 each while Security Bank stocks were also down 2.14 percent at P68.50 apiece on Friday.