MRC pushes bid to become a key player in solar power
As published on Philippine Star MANILA, Philippines — MRC Allied Inc. is pursuing a solar rooftop project in Mindanao to meet its 100-MW target and become a key player in the country’s solar industry.
In a disclosure to the Philippine Stock Exchange yesterday, MRC said it executed a memorandum of agreement for the development and installation of a 1.1-megawatt solar photovoltaic (PV) rooftop system for a mall located in the Mindanao area.
“Under the MOA, MRC will be the project developer and owner of the solar facility, while a private entity, owning and operating the mall, will be the power off-taker,” the disclosure read.
The company will be pouring in P67.4 million to finance the project.
The cooperation between the two parties shall be for 20 years from the issuance of the acceptance certificate.
Meanwhile, the MOA will take effect once the power off-taker issues the acceptance certificate to MRC after successful completion of actual performance testing and interconnection.
MRC president and chief executive officer Augusto Cosio Jr. said the company is targeting around 100 MW of solar power projects within the next two years.
The company inked a MOA with local firm Edward Marcs Philippines Inc. (EMPI) to power up two rice milling plants in north Luzon using solar power.
Under the deal, EMPI will supply, deliver, construct and test a 550-kilowatt-peak (kwp) grid-tied solar PV rooftop project for two rice milling plants located in the Northern Luzon.
It is part of the solar PV project pipeline of at least four MW, which MRC hopes to complete in the next two years.
MRC is also eyeing to raise its stake in the 50-MW Sulu Electric Power and Light Philippines Inc. (Sepalco) solar project, in which it currently has a 15 percent stake.
Cosio said the company is in talks with other stakeholders and plans to increase its shareholdings to gain an additional 45 percent, or at least majority control of the company.
If successful, MRC will have an attributable capacity of at least 30 MW from the Sepalco project.