Vena Energy inks investment agreement for 550 MW solar project in Philippines
Vena Energy has finalised an investment agreement with MGen Renewable Energy Inc. (MGreen), renewable energy division of Meralco PowerGen Corporation. This agreement is for the joint development of the 550 MW Bugallon Solar Power Project, situated in Bugallon, Pangasinan, under 3 Barracuda Energy Corporation.
Furthermore, the project, spearheaded by Vena Energy, is slated to begin construction this year and is projected to start commercial operations by the fourth quarter of 2025. Reportedly, the project is set to become one of the largest solar power installations in the Philippines with a total capacity of 550 MW DC. Earlier this year, Vena Energy switched on a 125 MW solar project in the Australian state of Queensland.
In October 2023, Vena Energy and Vivant Energy Corp. finalised a partnership contract with Aboitiz Renewables Inc. (ARI), the renewables arm of Philippine power company Aboitiz Power Corp for a 206 MW onshore wind project in the Philippines. Reportedly, the joint venture intends to develop, build, and run the San Isidro wind project.
Source: Renewable Watch
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