Vena Energy has finalised an investment agreement with MGen Renewable Energy Inc. (MGreen), renewable energy division of Meralco PowerGen Corporation. This agreement is for the joint development of the 550 MW Bugallon Solar Power Project, situated in Bugallon, Pangasinan, under 3 Barracuda Energy Corporation.
Furthermore, the project, spearheaded by Vena Energy, is slated to begin construction this year and is projected to start commercial operations by the fourth quarter of 2025. Reportedly, the project is set to become one of the largest solar power installations in the Philippines with a total capacity of 550 MW DC.
Earlier this year, Vena Energy switched on a 125 MW solar project in the Australian state of Queensland. This Wandoan project is part of the larger Wandoan South Project consisting of 650 MW solar and 450 MW battery storage.
In October 2023, Vena Energy and Vivant Energy Corp. finalised a partnership contract with Aboitiz Renewables Inc. (ARI), the renewables arm of Philippine power company Aboitiz Power Corp for a 206 MW onshore wind project in the Philippines. Reportedly, the joint venture intends to develop, build, and run the San Isidro wind project.
REGlobal’s Views: Vena Energy has made a series of notable large project announcements in the recent months not just in Philippines but other markets as well like India, Australia, Taiwan and Japan. Further, the company’s focus is not only limited to solar but to other renewable energy sources like onshore wind and offshore wind as well. This strategy of deploying various technologies across multiple markets will help the company to strengthen its position in the renewable energy market of the APAC region.