Meralco-Mitsui JV get P2.65B loan for solar plant in Rizal

PH Renewables Inc. (PHRI) secured a P2.65 billion, 15-year term project financing facility from Rizal Commercial Banking Corp. (RCBC) to fund the ongoing construction of its 75 megawatt solar project in Baras, Rizal.

PHRI is a joint venture between MGEN Renewable Energy (MGreen), MGEN’s wholly owned renewable energy unit, and Mitsui & Co. subsidiary Mit-Renewables Philippine Corp. (Mit-Renewables).

The Baras solar project is located within the grounds of Philippine Communications Satellite Corp. (Philcomsat) and is scheduled to commence commercial operations within the first quarter next year.

The facility will supply renewable energy to MPower, the local retail electricity supply arm of Manila Electric Co.

“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,” said Meralco PowerGen Corp. (MGEN) president and CEO Jaime T. Azarin.

RCBC president and CEO Eugene S. Acevedo said the project is a “remarkable step towards sustainability, a cause which is very close to our hearts.”

“We are fully committed to building a greener future by actively funding renewable energy projects, consistent with our sustainability initiatives,” said Acevedo.

MGreen and Mit-Renewables are also jointly developing a 45 MW solar project in Cordon, Isabela.

Yuchengcos build new solar power plant in Bohol

PetroGreen Energy Corp., the renewable energy arm of Yuchengco-led PetroEnergy Resources Corp. (PERC), launched its planned 27 megawatts of direct current (MWDC) Dagohoy solar power project (DSPP) in a 22-hectare site in Bohol.