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 disclosed that its renewable energy arm, MGen Renewable Energy Inc. (MGreen), successfully obtained financing for two solar projects with a total capacity of 67.75 megawatts.
MGreen’s president and CEO, Jaime Azurin, expressed that this agreement signifies not just a formal arrangement but a dedication to progress and a mutual vision for a sustainable future. The funding is expected to facilitate growth, encourage innovation, and generate opportunities that will have wide-reaching benefits.
Greenergy for Global Inc. (GGI) received a P2.034-billion, 15-year-term project financing from Security Bank to support the construction of its 49-MW solar project in Cordon, Isabela. Similarly, Greentech Solar Energy Inc. (GSEI) secured a P791.00-million, 15-year-term project financing from Security Bank for its 18.75-MW solar plant in Bongabon, Nueva Ecija.
Security Bank’s trust and asset management group acted as the facility agent and security trustee, while legal representation was provided by Puno and Puno Law Offices for the borrowers and Romulo Mabanta Buenaventura Sayoc & De Los Angeles for the lender.
Both GGI and GSEI emerged as successful bidders in the Department of Energy’s second round of the Green Energy Auction Program. These projects are integral to MGreen’s strategy to expand its solar power capacity and contribute significantly to the nation’s renewable energy objectives.
The targeted commercial operation for the two solar plants is scheduled for the first quarter of 2025.
Senior Vice President of Security Bank, Louie Maloles, highlighted that this collaboration underscores the bank’s commitment to sustainable financing in line with the industry’s efforts towards environmental responsibility.
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