Meralco injects P424M in capital into unit’s solar projects
MGen Renewable Energy Inc. received a major financial boost from its parent firm Manila Electric Co.
In a regulatory filing, Meralco said its board approved MGen’s request for equity funding of P424.2 million, which will be used to fund the development of solar projects with combined capacity of 210 megawatts.
The projects will require an investment of P10.01 billion.
MGreen, the renewable energy subsidiary of Meralco PowerGen Corp., aims to develop 1,000 MW of renewable energy projects in the next five to seven years.