The Bugallon Solar Power Project, located in Pangasinan, Philippines, has secured financing and begun construction. The project is a joint venture between Vena Energy and MGen Renewable Energy Inc. It has a planned capacity of 550 megawatts (MW).
The project is partly financed through a $325 million Green Loan facility. Security Bank Corporation, Rizal Commercial Banking Corporation (RCBC), and Philippine National Bank (PNB) are the lenders and hedging banks for the loan. SB Capital Investment Corporation, RCBC Capital Corporation, and PNB Capital and Investment Corporation are the lead arrangers, while RCBC acts as the green loan coordinator.
Construction of the Bugallon Solar Power Project is underway and is scheduled for completion by the fourth quarter of 2025. Once operational, the plant will generate about 958 gigawatt-hours (GWh) of clean energy annually. This is enough to supply electricity to over 810,000 households.
The Bugallon project adds to the Philippines’ renewable energy portfolio. Other solar initiatives in the country include the Tarlac Solar Plant, which has an installed capacity of 100 MW, and the Calatagan Solar Farm in Batangas, which generates 63 MW. Both plants contribute to the national energy grid and support the country’s energy goals.
The Philippines is also exploring other renewable energy sources. The Maibarara Geothermal Power Plant in Batangas generates 32 MW of power, while the Burgos Wind Farm in Ilocos Norte has a capacity of 150 MW. These projects reflect ongoing efforts to diversify energy sources and reduce reliance on fossil fuels.
The Bugallon Solar Power Project highlights the growing interest in large-scale solar power in the Philippines. Renewable energy projects are helping the country meet energy demands while reducing environmental impact.
