Meralco Powergen Corporation (MGen) disclosed that the solar energy project it has in Bulacan has inked an engineering, procurement, and construction (EPC) contract for its solar farm in Bulacan with a total worth of P4.25 billion. This is just the start of the company’s strike into renewable energy. Included in the disclosure made by the firm, PowerSource First Bulacan Solar, Inc. (PFBSI) signed the contract last week with SUMEC Complete Equipment & Engineering Co. Ltd. Here are other details of the news.
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The contract was made in order to start the construction of the 50-megawatt (MW) alternating current solar plant of PFBSI located in San Miguel, Bulacan. The project is expected to sell energy to Meralco through an approved power supply agreement. The firm is committed to launching 1,000 MW of renewable energy projects within the next 5 to 7 years. This solar farm is just a piece of the puzzle that would create a totally unique contribution not only to Meralco and its subsidiaries but also to the lives of the consumers. So, if you are planning to invest in this company, now is the time.
MGen Renewable Energy, Inc. (MGreen), a unit of MGen, owns a 40% interest in PFBSI. 36% stake is owned by PowerSource Global Holdings Corporation while 24% is with Singapore’s Sunseap International Pte. Ltd. This is the first project of MGreen that was announced. MGen plans to develop large-scale solar, hydropower, and wind projects that can give reliable and eco-friendly power at competitive prices without the need for any subsidy. That’s a big move towards shifting to renewable energy. We know there are competing companies that are starting to adapt to renewable energy sources and it’s a good thing to know that MGen is one of them.
The firm said that the contract signing for PFBSI comes less than a week after the formal inauguration of MGen’s P56.2-billion San Buenaventura Power Ltd. Co. (SBPL). SBPL is the first supercritical coal-fired power plant in the country and it’s now giving additional supply to the grid of Luzon. SBPL has just started its commercial operation last September 26. It currently provides power to Luzon, accounting for 72% of the domestic product here in the Philippines. The plant cost, which was P42.15 billion, was funded by a finance facility, which was put together by local banks.