MGen Renewable Energy Inc. (MGreen) has entered into a joint venture agreement with Vena Energy (Vena), a leading renewable energy company in the Asia-Pacific region, for the development, construction, and operation of a 68 MWac solar plant in Ilocos Norte under Nuevo Solar Energy Corp. (NSEC).
The 68 MWac solar project located in the municipality of Currimao in Ilocos Norte, which is targeted to commence operations by the first quarter of 2023, is an adjacent project to Vena’s existing 16 MWac Garcia solar project in the area commissioned in 2016.
“We are excited with this new partnership with Vena Energy. This project in Ilocos is the latest addition to our ongoing 1,500 MW target of renewable energy projects, showcasing our company’s stern commitment to transition towards low-carbon energy in an orderly and cost-competitive manner anchored on ONE MERALCO’s long-term sustainability agenda,” said MGen and GBP president and chief executive officer Jaime T. Azurin.
“We are starting the year 2022 strong with the intention to fast-track the attainment of this goal within the next seven years that is ultimately in support of the country’s achievement of 35 percent RE share by 2030 and eventually, 50 percent by 2040,” he added.
