As published on PhilStar
MANILA, Philippines — MRC Allied Inc., which is diversifying into the power sector, has acquired a 15 percent stake in a solar power project in Palo, Leyte.
During the company’s special stockholders’ meeting yesterday, MRC Allied president Gladys Nalda announced the company’s acquisition of a 15 percent stake in Sulu Electric Power and Light Philippines Inc. (Sepalco).
In a briefing with reporters after the meeting, Nalda said the company may increase its stake to more than 50 percent in Sepalco.
“I am pleased to announce that we have recently added a 50 MW solar project into our portfolio. We are now part of the 50 MW Sepalco solar project in Leyte – the first and biggest operating solar plant in Eastern Visayas,” Nalda said.
“We have the option to get a higher stake. Hopefully, controlling, which is more than 50 percent,” she added.
She said the acquisition of a higher stake would depend on the overall performance of the company as well as the power supply agreements which the company would seal in the coming years.
Touted as the biggest solar project in Region 8, the Sepalco solar project has been operating since 2016.
“This will complete MRC Allied’s 200MW target for 2017 and since it’s an operational plant, we shall take an active role in the management of the power plant,” Nalda said.