January 6 (Renewables Now) - A consortium led by Philippine power producer Meralco PowerGen Corporation, or MGen, expects to begin building works on a 50-MW solar park in Bulacan province this month, according to a top official.
Meralco PowerGen president Rogelio Singson said, as quoted by the Manila Standard, that the developer obtained the needed construction permit for the PHP-4.25-billion (USD 83.4m/EUR 74.7m) project in San Miguel in the last working day of 2019.
As announced in October 2019, PowerSource First Bulacan Solar Inc (PFBSI) signed an engineering, procurement and construction (EPC) contract for the project with SUMEC Complete Equipment & Engineering Co Ltd. MGen’s renewables arm, MGEN Renewable Energy Inc, or MGreen, holds a 40% stake in PFBSI, while PowerSource Global Holdings Corporation has 40% and Singapore’s Sunseap International Pte Ltd is the owner of 20% in the project company.
Upon completion, the San Miguel solar park will sell its output to Meralco over 20 years.
According to Singson, MGen is committed to realise 1,000 MW of renewable energy projects in the next five to seven years. Its plans include a 110-MW floating solar project in Laguna Lake.
(PHP 1.0 = USD 0.196/EUR 0.176)