Meralco, Vena break ground on 68-MW solar project in the Philippines

• Singapore's Vena Energy as well as the green energy arm of Philippine power generator Meralco PowerGen Corp (MGEN) have formally released the construction of a 68-MW solar park in the Philippines' Ilocos Norte province.

The project will certainly be become aware via a joint venture developed earlier this year between Vena Energy as well as MGen Renewable Energy, the latter's parent claimed on Wednesday.

The partners will certainly aim to energise the photovoltaic (PV) park by the end of this year as well as start business operations by the first quarter of 2023. The capacity will certainly be installed in the municipality of Currimao.

MGEN is a subsidiary of Philippine electricity supplier Manila Electric Company (PSE: MER), better known as Meralco. The company intends to develop a diversified power generation portfolio with 3,000 MW of assets, of which between 500 MW and also 600 MW will certainly be renewable energy plants. Its goal for the next seven years is to have 1,500 MW of capacity.

The Philippines has set a goal of achieving a renewable energy share of 35% by 2030 and also 50% by 2040 in its complete power mix.