Vena Energy Enters Investment Agreement with MGreen for 550MW Bugallon Solar Project

Vena Energy, a leader in sustainable and affordable green solutions across the Asia-Pacific region, has signed an investment agreement with MGen Renewable Energy Inc. (“MGreen”), the renewable energy arm of Meralco PowerGen Corporation (“MGen”) for the joint construction of the 550MW Bugallon Solar Power Project, located in Bugallon, Pangasinan under 3 Barracuda Energy Corporation (the “Project”).

Developed by Vena Energy, the Project is expected to start construction this year and commence commercial operations by the fourth quarter of 2025. With its 550MW of DC capacity, the Project will be one of the biggest solar power plants in the Philippines.

“Vena Energy is committed to accelerating the energy transition and advancing green solutions that foster sustainable growth and environmental stewardship. The development of the Bugallon Solar Power Project stands as a testament to our shared responsibility and dedication to engineering a greener future for the Philippines.” added Nitin Apte, CEO Vena Energy.

“This investment not only brings MGen closer to our goal of achieving 1,500 MW of attributable renewable energy by year 2030, but also deepens our partnership with like-minded organizations who believe a sustainable energy future is a collective responsibility of everyone. We continue to bank on the shared vision of powering growth through renewable energy.” Manny V. Rubio, MGen President said.

MGen is a wholly owned subsidiary of publicly listed power company, Manila Electric Company (“Meralco”). It owns and operates Global Business Power Corporation and MGreen, focused on using advanced and highly efficient technologies that enable providing reliable and cost-competitive power supply to its customers.