MGen Renewable Energy (MGreen) and Singaporean firm Vena Energy’s joint venture, Nuevo Solar Energy Corp. (NSEC), has officially launched its 68 megawatt (MW) solar project, “Garcia 2”, in Currimao, Ilocos Norte.
The project, which costs an estimated P3 billion, is set to contribute to the Philippine government’s goal of achieving a 35 percent renewable energy mix by 2030.
NSEC aims to help drive economic growth by providing additional power supply through MPower, a local electricity supply arm of Manila Electric Co. (Meralco).
“We are proud to have helped accelerate the country’s energy transition and shall continue investing in clean and sustainable energy sources,” said Jaime Azurin, Meralco PowerGen Corp. president and CEO.
The Garcia solar project is part of MGreen’s larger initiative to build 1,500 MW of renewable energy projects in the next five years.
“It is a testament to our joint experience and expertise, and we look forward to more such collaborations in the future,” said Samrinder Nehria, Vena Energy Philippines head.
MGen’s journey towards a balanced, low-carbon energy mix started in 2021 with the opening of BulacanSol’s 55 MW solar plant in San Miguel, Bulacan.
Other renewable energy projects are also in the pipeline, such as PH Renewables Inc.’s 75 MWac solar project in Baras, Rizal, which is scheduled to commence commercial operations in 2023.
Headquartered in Singapore, Vena Energy is a leading renewable energy company in the Asia-Pacific region that owns, develops, constructs, operates, manages, and commercializes a renewable energy portfolio exceeding 40 GW of solar, onshore wind, offshore wind, energy storage, and hybrid renewable energy projects.
