Meralco PowerGen Corp. (MGen) said Friday its subsidiaries tapped combined funding of P2.79 billion for solar power projects from Security Banking Corp.
MGen said the units of its renewable energy arm MGen Renewable Energy Inc. (MGreen) secured funding for two solar projects with a combined capacity of 67.75 megawatts.
“This signing is more than a formal agreement; it is a commitment to progress and a shared vision for a sustainable future. This loan will facilitate growth, foster innovation, and create opportunities that will benefit many. It is a stepping stone toward achieving our collective goals and realizing our aspirations” said MGreen president and chief executive Jaime Azurin.
Greenergy for Global Inc. (GGI) received a P2.034-billion, 15-year-term project financing facility from Security Bank to fund the construction of its 49-MW solar project in Cordon, Isabela.
Meanwhile, Greentech Solar Energy Inc. (GSEI) obtained a P791.00-million, 15-year term project financing facility from Security Bank to develop its 18.75-MW solar plant in Bongabon, Nueva Ecija.
Security Bank’s trust and asset management group served as facility agent and security trustee, while Puno and Puno Law Offices served as the borrowers’ legal counsel and Romulo Mabanta Buenaventura Sayoc & De Los Angeles acted as the lender’s legal counsel.
GGI and GSEI are among the winning bidders in the Department of Energy’s second round of Green Energy Auction Program.
Both projects play a strategic role in MGreen’s goal to expand its solar power capacity and contribute significantly to the nation’s renewable energy aspirations.
The target commercial operation for the two solar plants is set for the first quarter of 2025.
Security Bank senior vice president Louie Maloles said the collaboration for the two projects allowed the lender to pursue the industry’s drive towards sustainable financing.
