As published on Inquirer.net
Holding firm MRC Allied Inc. has teamed up with the Chinese energy group that built the Three Gorges Dam in the mainland for possible renewable energy projects in the Philippines.
For this purpose, MRC said in a statement that it had signed a memorandum of agreement with China Energy Engineering Group Guangdong Power Engineering Co. Ltd. or Energy China GPEC.
The signing of the MOU confirmed both parties’ interest in developing renewable energy projects in the Philippines as identified by MRC Allied, it said.
Guangzhou-based Energy China GPEC is set to conduct a year-long due diligence to help in deciding whether to pursue projects with MRC.
GPEC’s parent firm, China Energy Engineering Group Co. Ltd., has built projects related to multipurpose water facilities like the Three Gorges as well as fossil fuel power plants, nuclear power plants, offshore wind farms and power transmission networks.
In its website, Energy China GPEC said it had built nearly 200 large and medium-sized conventional coal-fired power stations, nuclear power stations, combined cycle power stations, self-provided power and diesel power plants in China and overseas.
Earlier this month, MRC said it would offer some P1 billion worth of common shares to bankroll its shift to renewable energy from power and mining.
MRC said the program was in line with the plan to raise as much as P2 billion from a combination of private placement and preferred shares offering.
Also, MRC had said it would spend as much as P200 billion to build a portfolio of 1,000 megawatts (MW) of “clean and renewable” energy by 2022, including potential investments in solar and liquefied natural gas.