MGEN Renewable Energy Inc. (MGreen), the renewable energy arm of Meralco PowerGen Corp. (MGen), has signed engineering, procurement and construction (EPC) contracts with a Chinese firm for two solar power plant projects in Luzon.
MGen, a subsidiary of Manila Electric Co. (Meralco), said the deals were with China's Sumec Complete Equipment and Engineering Co. Ltd.
"The said EPC contracts are for the construction of the two MGreen pipeline projects: the 49 MWac (megawatt alternating current) solar plant in Cordon, Isabela and the 18.75 MWac solar plant in Bongabon, Nueva Ecija — both of which are among the winning bidders in the Department of Energy's second round of Green Energy Auction Program," the company said in a statement.
The plants are targeted to commence commercial operations in the last quarter of 2024.
"Sumec will be our strategic partner as we embark on the transformative journey toward realizing our vision of becoming a company at the forefront of renewable energy utilization," MGen President and Chief Executive Officer Jaime Azurin said.
MGreen currently has three operating solar plants in partnership with different entities: PowerSource First Bulacan Solar Inc.'s 55-MWac plant in San Miguel, Bulacan, in partnership with PowerSource Energy Holdings Corp.; the Nuevo Solar Energy Corp.'s 68-MWac solar farm in Currimao, Ilocos Norte, with Vena Energy's Pasuquin Energy Holdings Inc.; and PH Renewables Inc.'s 75-MWac solar farm in Baras, Rizal, with Mitsui & Co.'s MitRenewables Power Corp.
On Thursday, MGreen parent Meralco's share price was down P5, or 1.38 percent, at P357.
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