Meralco units secure loans for solar projects

MANILA Electric Co. said Friday that the business units of its subsidiary, MGen Renewable Energy Inc. , had secured around P2.8 billion in loan facilities from Security Bank Corp. to fund solar power projects.Greenergy for Global Inc. secured a P2.034-billion, 15-year project financing facility to fund the ongoing construction of a 49-megawatt-alternating current project in Cordon, Isabela.Greentech Solar Energy Inc.

It is a stepping stone toward achieving our collective goals and realizing our aspirations,' MGreen President and Chief Executive Officer Jaime Azurin said.Security Bank Senior Vice President Louie Maloles said the collaboration allowed the bank to pursue a drive toward sustainable financing and its commitment for better banking.

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