Bugallon Solar Project Secures P18.3-B Green Loan

Vena Energy and MGreen Renewable Energy Inc., the renewable energy arm of Meralco PowerGen Corporation, have sealed financing agreements for the 550-megawatt (MW) Bugallon Solar Power Project in Pangasinan.

The project, set to generate approximately 958 gigawatt-hours (GWh) of clean energy annually, is expected to power over 810,000 households and reduce greenhouse gas emissions by 640,000 tons each year.

The financing includes a green loan facility worth around PHP 18.3 billion provided by Security Bank Corporation (SB), Rizal Commercial Banking Corporation (RCBC), and Philippine National Bank (PNB).

SB Capital Investment Corporation, RCBC Capital Corporation, and PNB Capital and Investment Corporation acted as the mandated lead arrangers, while RCBC served as the green loan coordinator.

The Bugallon Solar Power Project will create approximately 7,000 jobs during construction, prioritizing local workers from Bugallon and neighboring areas. Completion is anticipated by the fourth quarter of 2025.

“This agreement marks a key milestone in advancing renewable energy production in the Philippines,” said Vena Energy Chief Investment Officer Simone Grasso. “We appreciate the unwavering confidence and support of our banking partners in our initiatives.”

MGreen President and CEO Dennis Jordan echoed this sentiment, saying, “By aligning our visions, we are making a definitive step toward a cleaner and sustainable energy future.”

Vena Energy manages a portfolio of renewable energy projects, including onshore and offshore wind and solar energy, with a total capacity of 39 gigawatts (GW).

The company is also pursuing a green infrastructure pipeline that features 24 GWh of battery energy storage systems and 620 MW (DC) of data centers.