PH Renewables, Inc. (PHRI), a subsidiary of MGEN Renewable Energy, Inc. (MGreen), recently secured a Php 2.65B, 15-year term project financing facility from Rizal Commercial Banking Corporation (RCBC) to fund the ongoing construction of its 75 MWac solar project in Baras, Rizal, with RCBC Capital Corporation (RCBC Capital) as the Arranger.
Located within Philippine Communications Satellite Corporation (Philcomsat) grounds, PHRI’s solar plant is scheduled to commence commercial operations within the first quarter of 2023 to supply renewable energy to MPower, the local retail electricity supply arm of Manila Electric Company.
“We welcome having like-minded partners like Mitsui and RCBC in advancing the expansion of renewable energy projects in the country. We look forward to taking part in this evolving energy landscape as we move towards our target of building 1,500MW of renewable energy over the next seven years,” said Meralco PowerGen Corporation (MGEN) President and CEO Jaime T. Azurin.
“We would like to congratulate MGreen and Mitsui for undertaking this remarkable step towards sustainability, a cause which is very 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 RCBC President and CEO Eugene S. Acevedo.
“This undertaking greatly benefits the country and the environment in general. While the endeavor was not without its challenges, the group was able to overcome these with flying colors, making it a more fulfilling exercise,” said RCBC Capital President and CEO, Jose Luis F. Gomez.
Leading the signing ceremony were Mr. Jaime T. Azurin, MGEN President and CEO; Mr. Rochel Donato R. Gloria, MGEN Senior Vice President and CFO; Mr. Shinichiro Shimada, Mitsui &Co (Asia Pacific) Pte. Ltd., Manila Branch, General Manager; Mr. Eugene S. Acevedo, RCBC President and CEO; Ms. Elizabeth E. Coronel, RCBC EVP and Corporate Banking Group Head; Mr. Jose Luis F. Gomez, President and CEO, RCBC Capital; Mr. Arsenio Kenneth M. Ona, SVP, RCBC Capital and Mr. Raoul V. Santos, SVP, RCBC Trust Group.
PHRI is a joint venture between MGreen, MGEN’s wholly owned renewable energy unit, and
Mitsui & Co. subsidiary Mit-Renewables Philippine Corporation (Mit-Renewables).
MGreen and Mit-Renewables are also jointly developing a 45 MWac solar project in Cordon, Isabela.
MGreen owns a 51% equity stake in PowerSource First Bulacan Solar Inc. (Bulacansol) which commenced operations of its 55 MWac solar plant in San Miguel, Bulacan in May 2021.
The enlarged MGEN and Global Business Power Corporation’s power generation portfolio has a total gross capacity of 2,446 MW that utilize coal, liquified natural gas, diesel, solar technologies.
Capable of supplying base, intermediate, peak load and ancillary support, the MGEN Group offers flexible energy solutions to support the varying power requirements of the market.
