MGEN Renewable Energy Inc. (MGreen) has secured P424 million worth of equity funding that will be used to invest in various solar projects under development with a combined capacity of 210 megawatts (MW) and total combined project cost of P10 billion.
MGreen is the renewable energy (RE) subsidiary of Meralco PowerGen Corp. (MGen) that develops solar, wind and run-of-river hydro projects. MGen is the power generation arm of Manila Electric Co. (Meralco).
Rogelio Singson, MGen president and chief executive officer, said in a statement the projects are in line with the company’s commitment to develop reliable large-scale RE projects at competitive prices without the need for subsidy.
“We believe that now is the time to focus on building our green energy capacity and we intend to be a key player in the renewable energy space. We also hope to contribute to the country’s transition towards sustainable energy,” Singson said.