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MGEN, ACWA to develop 125-MW solar farm in Iloilo
Meralco PowerGen Corp. (MGEN) and Saudi Arabia-based ACWA Power are proceeding with a joint 125-megawatt solar project in Concepcion, Iloilo, their first venture under their partnership.
The solar facility will be situated on a 120-hectare site and is part of a broader agreement for renewable energy development in the Philippines and Southeast Asia.
MGEN is considering participating in the government's green energy auction (GEA) program to secure an offtaker for the plant's output.
ACWA Power, with its global experience in renewable energy and record of low solar tariffs, is expected to make the project competitive.
Construction of the solar farm could commence in six to eight months, pending due diligence.
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