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MGreen signs contracts with Chinese firm for 2 solar projects

MGEN Renewable Energy, Inc. (MGreen) has awarded engineering, procurement, and construction (EPC) contracts to a Chinese company for its solar farm projects in Cordon, Isabela and Bongabon, Nueva Ecija.

MGreen signed the contract with SUMEC Complete Equipment and Engineering Co. Ltd. on Jan. 24, the company said in a statement on Thursday.

The contracts cover the construction of the 49 megawatt-alternating current (MWac) solar plant in Isabela and 18.75 MWac solar plant in Nueva Ecija.

The solar projects are targeted for commercial operation in the last quarter of 2024.

Both projects are among the winning bidders in the second round of green energy auction (GEA) of the Department of Energy.

The GEA program aims to promote renewables as a primary source of energy through competitive selection of renewable energy output.

MGreen is the renewable energy subsidiary of Meralco PowerGen Corp. (MGen), the power generation arm of listed electric distribution utility Manila Electric Co. (Meralco).

“SUMEC will be our strategic partner as we embark on the transformative journey towards realizing our vision of becoming a company at the forefront of renewable energy utilization,” MGen President and Chief Executive Officer Jaime T. Azurin said.

“We hope that with the cooperation of SUMEC, we’ll be able to deliver the project on time, on schedule, and within budget,” he added.

MGreen has been operating three solar plants. These include the 55-MWac solar plant of PowerSource First Bulacan Solar, Inc. with PowerSource Energy Holdings Corp. and the 68-MWac solar plant of Nuevo Solar Energy Corp. with Vena Energy’s Pasuquin Energy Holdings, Inc.

The company is also operating the 75-MWac solar plant of PH Renewables, Inc. with Mitsui & Co.’s Mit-Renewables Power Corp. in Baras, Rizal.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

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