On May 30, 2024, MGen Renewables Energy Inc. (MGreen) achieved a significant milestone by securing loans from Security Bank Corporation for the construction and development of its solar power projects in Isabela and Nueva Ecija. The projects involve the development of an approximately 49MWac ground-mounted solar photovoltaic power plant and ancillary infrastructure in Cordon, Isabela and an approximately 18.75MWac ground-mounted solar photovoltaic power plant and associated facilities in Bongabon, Nueva Ecija.
The companies which will operate these projects emerged as two of the successful bidders in the Second Green Energy Auction Round administered by the Department of Energy.
The negotiations on behalf of MGreen were spearheaded by PunoLaw Partners’ Deborah S. Acosta-Cajustin and Jonathan P. Serrano. They were assisted by Junior Associates Angeline Pamela P. Lee and Gladys Jane M. Dela Cruz.