Vena Energy has signed an investment agreement with MGen Renewable Energy for the joint construction of a 550 MW solar plant in the Philippines. They will build the solar project in the municipality of Bugallon, on the island of Luzon.

Construction is expected to start this year, with commercial operations currently scheduled for the fourth quarter of 2025. The plant’s capacity will make it one of the largest in the Philippines upon completion.

MGen is a wholly owned subsidiary of Manila Electric Co. MGen President Manny V. Rubio said the investment “brings MGen closer to our goal of achieving 1,500 MW of attributable renewable energy by year 2030.”

Earlier this year, Vena Energy switched on a 125 MW solar project in the Australian state of Queensland.

According to figures from the International Renewable Energy Agency (IRENA), the Philippines had 1.7 GW of cumulative installed solar capacity at the end of 2023. The authorities have said that up to 2 GW of new solar could be added this year.