PH Renewables Inc. (PHRI), a subsidiary of MGEN Renewable Energy Inc. (MGreen), secured a P2.65-billion, 15-year term project financing facility from Rizal Commercial Banking Corp. (RCBC).
The company said in a statement yesterday the amount will be used to fund the ongoing construction of the 75 megawatts (MW) solar project in Baras, Rizal.
PHRI’s solar plant located within the Philippine Communications Satellite Corp. grounds is scheduled to start commercial operations within the first quarter of next year to supply renewable energy to MPower, the local retail electricity supply arm of Manila Electric Co. (Meralco).
“We welcome having like-minded partners like Mitsui and RCBC in advancing the expansion of renewable energy projects in the country. We look forward to taking part in this evolving energy landscape as we move towards our target of building 1,500 MW of renewable energy over the next seven years,” Jaime Azurin, Meralco PowerGen Corp.(MGen) president and chief executive officer, said in a statement. –Jed Macapagal
