Meralco, Mitsui secures PHP2.65bn solar PV project in Rizal

Manila Electric Co., in partnership with Mitsui Group, has secured PHP2.65 billion (US$46.65 billion) financial support for the development of the 75 MW solar photovoltaic (PV) project located in Baras, Rizal, Philippines. 

PH Renewables Inc. (PHRI), a unit of MGEN Renewable Energy Inc. (MGreen), has secured the 15-year term financing scheme from Rizal Commercial Banking Corp. The project is expected to be operational by Q1 of 2023. 

MPower, Meralco's local retail electricity supply arm, will purchase the energy produced from the plant.