As published on PhilStar
MANILA, Philippines - MRC Allied Inc. is diversifying into the energy sector with plans to become a major player in the Philippine power industry, targetting to develop at least 1,000 megawatts of clean and renewable energy (RE) in the next five years.
In her message during the company’s annual stockholders meeting on Friday, newly appointed president and CEO Gladys Nalda said the company is diversifying into energy because of increasing power demand, increasing renewable energy capacity targets, vast opportunities to acquire existing renewable energy power plants and steady decline in the investment cost of RE technologies.
“In line with our vision to be one of the major players in the Philippine power industry, we plan to develop at least 1,000 megawatts of clean and renewable energy by 2022. For this year, we have an aggregate of 160 megawatts solar capacity in our pipeline,” she said.
MRC Allied will further increase this target capacity by continuously exploring new sources of clean energy, building new RE power plants and acquiring shovel-ready RE projects.
The company will raise funds to finance expansion, starting with a plan to issue preferred shares and conduct a private placement.
“To achieve this goal, we will endeavor to raise funds either on our own or with strategic partners. We will aggressively explore all available options to raise capital and finance our RE projects,” Nalda said.
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In recent months, MRC has seen its stock price take a big leap of more than 200 percent.
The company will also increase the number of board of directors to accommodate at least three independent director seats to improve the company’s corporate governance and its overall business structure.
“As we move forward and grow our business in the energy sector, we recognize that we also have to strengthen our corporate governance, increase our transparency, improve our corporate structure and enhance our management team,” Nalda said.
“We will remain firm though on our commitment to not only expand our business, but also to continue to advance our shareholder’s interests, promote employee welfare, and contribute to nation-building,” she said.