PH Renewables Inc. (PHRI), a joint venture between MGen Renewable Energy Inc. (MGreen) and Mitsui & Co. subsidiary Mit-Renewables Philippine Corp. (Mit-Renewables), secured a 2.65 billion peso bank loan to finance the ongoing construction of its 75 megawatt (MW) solar project in Baras, Rizal.
The 15-year term project financing facility was secured from Rizal Commercial Banking Corp. (RCBC), with RCBC Capital Corp. (RCBC Capital) as arranger.
“We welcome having like-minded partners like Mitsui and RCBC to advance the expansion of renewable energy [RE] projects in the country. We look forward to participating in this evolving energy landscape as we move toward our goal of building 1,500 MW of renewable power over the next seven years,” said Jaime T. Azurin, President of Meralco PowerGen Corp. (MGen).
MGreen is the RE unit 100% owned by MGen. It holds a 51% stake in PowerSource First Bulacan Solar Inc. (Bulacansol) which began operation of its 55 MW solar power plant in San Miguel, Bulacan in May 2021.
PHRI’s solar plant is expected to begin commercial operations in the first quarter of 2023 to supply renewable energy to MPower, Meralco’s local retail power supply arm.
“We would like to congratulate MGreen and Mitsui for taking this remarkable step towards sustainability, a cause 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 Eugene S. Acevedo, President and CEO of RCBC.
MGreen and Mit-Renewables are also jointly developing a 45 MW solar project in Cordon, Isabela.
The expanded power generation portfolio of MGen and Global Business Power Corp. has a total gross capacity of 2,446 MW which uses coal, liquefied natural gas, diesel and solar technologies.