As published on ManillaBulletin
MRC Allied, a property and mining firm that is now diversifying into the energy sector, has acquired a significant stake in its first operating solar project to solidify its entry into the power industry.
During the firm’s special stockholders’ meeting, MRC Allied President Gladys Nalda said they have acquired a 15 percent stake in the 50 megawatt Sulu Electric Power and Light Philippines Inc. (Sepalco) Solar Project in Palo, Leyte.
Touted as the biggest solar project in Region eight, the Sepalco Solar Project has been operating since 2016. Nalda said they acquired the stake from a shareholder and MRC has the option to increase this to a majority interest.
“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.
Sepalco, which sits on a 70-hectare property, has a total of 188 solar panels and is connected to the existing 69 kilovolt transmission line of the National Grid Corporation of the Philippines (NGCP) in the province.
The solar project is designed for 25 years, boosting its potential as a major solar provider in the country in the coming years.
MRC’s entry in Sepalco marks one of the many investments the company has lined up in the coming years as it continuously diversifies into the energy sector.
During yesterday’s meeting, shareholders approved the change in MRC’s primary purpose from a property company to become a 100 percent energy company.
MRC will now be able “to develop, design, construct, operate, maintain, buy, acquire, sell, import and export renewable and clean energy equipment, systems, power plants and technologies that produce electricity from renewable and clean energy resources such as, but not limited to solar, wind, hydro, geothermal, biomass, liquefied natural gas, and other clean and renewable energy sources.”