International renewable solutions provider Vena Energy and MGen Renewable Energy Inc., the renewable energy arm of Meralco PowerGen Corp., have completed the financial and accounting processes for a 550-megawatt solar power plant in Bugallon, Pangasinan.
Construction has already started and the facility is expected to be completed by the fourth quarter of this year.'The financial close of the Bugallon Solar Power Project represents a significant milestone in advancing renewable power generation in the Philippines,' Vena Energy Chief Investment Officer Simone Grasso said.'We appreciate the unwavering confidence and support of our banking partners in our initiatives.
This facility will be instrumental in driving our growth in the Philippines as we continue to deliver innovative green solutions to our customers across the Asia Pacific,' he added.Once operational, the plant will be capable of generating approximately 958-gigawatt hours of clean energy per year, enough to power more than 810,000 Philippine households while avoiding over 640,000 tons of greenhouse gas emissions.
Energy Meralco Unit Reach Financial Close For Solar Project
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vena Energy Secures Funding for Bugallon Solar Project in PhilippinesSingapore-based Vena Energy has reached financial close for its 550-megawatt Bugallon solar power project in the Philippines, undertaken in partnership with MGen Renewable Energy Inc. The project, valued at an undisclosed amount, is partly financed through a green loan facility worth P18.3 billion (approximately $325 million) from Security Bank, Rizal Commercial Banking Corporation, and Philippine National Bank. Construction has begun and is expected to be completed in the fourth quarter of 2025, creating around 7,000 jobs. The operational solar farm will generate 958-gigawatt hours of clean energy annually, powering over 810,000 households and reducing greenhouse gas emissions.
Read more »
Clark International Airport Wins International Airport of the Year AwardClark International Airport (CRK) in the Philippines was awarded 'International Airport of the Year' at the 2024 TDM Travel Trade Excellence Awards-Asia. The award recognizes excellence in travel services and transformative travel experiences. The airport's architect, Royal Pineda, designed the terminal to reflect the natural beauty of the Zambales mountains and the cultural heritage of Pampanga. The design incorporates elements like lahar plaster, mimicking the river flow and lantern patterns, creating a sense of Filipino identity and pride.
Read more »
SM Prime Holdings Wins Energy Efficiency AwardsSM Prime Holdings, Inc. (SM Prime) received multiple awards for energy efficiency at the 2024 Energy Efficiency Excellence Awards and Sustainable Energy Awards organized by the Department of Energy (DOE).
Read more »
Power Sector Awaits Policy Implementation to Boost Renewable EnergyPower industry stakeholders are investing heavily in renewable energy (RE) projects, but they urge the government to expedite the implementation of existing policies and guidelines. While supply is expected to improve in 2025 due to new thermal and RE plants, concerns remain about grid stability and the integration of energy storage systems. The Department of Energy (DOE) has included Integrated Renewable Energy and Energy Storage System (IRESS) in the Green Energy Auction (GEA4), but the auction date is yet to be announced.
Read more »
MMSU Recognized for Sustainable Energy Development at Sustainable Energy Awards 2024Mariano Marcos State University (MMSU) was the sole Philippine higher education institution to receive special recognition at the Sustainable Energy Awards 2024 from the Department of Energy (DOE) for its contributions to sustainable energy development. MMSU Vice President for Resource Generation and Management Bjorn Santos accepted the award on behalf of MMSU, highlighting its commitment to promoting renewable energy technologies and supporting the nation's sustainable energy goals. MMSU's long-standing partnership with the DOE dates back to the 1980s, and the university has been instrumental in leading various renewable energy initiatives, including bioethanol research and capacity-building programs.
Read more »
Consumer Rights Advocate Urges Senate to Amend Meralco Franchise BillRomeo Junia, a consumer rights advocate, has called on the Senate to amend the proposed Meralco franchise renewal bill to protect consumers from further power rate hikes. He argues that the current bill would allow Meralco to continue abusing its dominant market position, leading to even higher electricity costs in the Philippines. Junia emphasizes the importance of this opportunity for Congress to limit Meralco's power and promote reforms in the energy sector.
Read more »