From Left to Right: Dan Neil, Rochel Gloria, Jaime Azurin, Louie Maloles, Roberto Tejuco, Jr.
Units of MGen Renewable Energy, Inc. (MGreen), the renewable energy arm of Meralco PowerGen Corporation (MGen), successfully secured funding for two of its solar power plant projects. These projects have a combined capacity of 67.75 megawatts AC (MWac) of renewable energy.
Greenergy for Global Inc. (GGI), a subsidiary of MGreen, secured a Php 2.034 billion, 15-year term project financing facility from Security Banking Corporation (Security Bank) to fund the ongoing construction of its 49 MWac solar project in Cordon, Isabela. Meanwhile, MGreen’s Greentech Solar Energy, Inc. (GSEI) also secured a P791.00 million, 15-year term project financing facility from Security Bank to develop its 18.75 MWac 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 served as the Lender’s Legal Counsel for these transactions.
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 schedule for the two solar plants is set for the first quarter of 2025.
“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”
– MGreen President and CEO Jaime Azurin said in his message.
Security Bank Senior Vice President, Louie Maloles, stated that the collaboration for the two projects allowed Security Bank to pursue the industry’s drive towards sustainable financing as well as their commitment for Better Banking.
MGen and MGreen representatives who graced the event were its Treasurer, Aldwin Ang; Chief Finance Officer, Rochel Gloria; Expanding Markets Division Head, Dan Neil; Vice President for Business Development, Vivek Parmar; Vice President for Business Development, Ara Galban; Assistant Vice President for Treasury, Carissa Melgar; and Senior Legal Counsel, Jo Marianni Ocampo.
Also present at the event were Security Bank Vice President Roberto Tejuco, Jr.; Greenergy Solutions, Inc. Representative, Juris Nicholo Briones; and representatives from Puno and Puno Law Office and Romulo Mabanta Buenaventura Sayoc & De Los Angeles.
MGen Renewable Energy, Inc. (MGreen) is a wholly owned subsidiary of Meralco PowerGen Corporation (MGen) as its renewable energy unit with three operating solar plants in Luzon namely: PowerSource First Bulacan Solar Inc. (PFBSI), PH Renewables, Inc. (PHRI), and Nuevo Solar Energy Corporation (NSEC) with a total gross capacity of 198 MWac.