Meralco PowerGen Corp. (MGen) announced that its subsidiary companies have secured a combined funding of P2.79 billion for solar power initiatives through Security Banking Corp. MGen revealed that MGen Renewable Energy Inc. (MGreen), its renewable energy division, has been successful in securing funding for two solar projects totaling 67.75 megawatts.
Jaime Azurin, the president and CEO of MGreen, stated that this deal is more than just a formal agreement; rather, it represents a commitment to advancement and a shared vision for a sustainable future. It is anticipated that the financing will support innovation, promote growth, and provide opportunities with far-reaching advantages.
Security Bank granted P2.034 billion in project finance to Greenergy for Global Inc. (GGI) to help with the building of its 49-MW solar project in Cordon, Isabela, over a 15-year period. Similarly, Security Bank granted P791.00 million in project finance to Greentech Solar Energy Inc. (GSEI) for the construction of an 18.75-MW solar plant at Bongabon, Nueva Ecija, over a 15-year period.
In the second round of the Department of Energy’s Green Energy Auction Program, GGI and GSEI both placed winning bids. These initiatives are essential to MGreen’s plan to increase its solar power capacity and considerably advance the goals of the country regarding renewable energy.
The two solar projects are expected to begin commercial operations in the first quarter of 2025.
Louie Maloles, senior vice president of Security Bank, emphasized that this partnership demonstrates the bank’s dedication to sustainable financing in keeping with the industry’s initiatives to uphold environmental responsibility.
