As published on BusinessMirror
IN these changing times, business leaders and entrepreneurs are rethinking their policies to remain relevant—and commercially viable, of course—in the constantly changing economic landscape.
For MRC Allied President and Chief Executive Officer Augusto Cosio Jr. there are three elements to strongly focus on aside from the annual revenues. These include the environment, stakeholders in the community and the employees.
“On our part, MRC Allied, we are concentrating on renewable energy, development of smart cities, solar energy and environmental stewardship,” Cosio, who has a wide exposure in the global capital markets after working in Hong Kong and Singapore for global investment banks such as Deutsche Bank and BNP-Paribas, told the BusinessMirror in a recent interview.
In these times of climate change and global warming, MRC Allied plays a vital role in helping the Philippines contribute and achieve a sustainable and green future by engaging in solar energy development projects.
MRC Allied will pursue solar development projects through its subsidiary Menlo Renewable Energy Corp. (MREN) and other affiliates.
The 60-megawatt (MW) Naga Solar project in Naga City, Cebu, is on its pre development phase and can possibly be an electricity supplier to the Visayas grid and/or offer its production to the business sector within and around Southern Cebu.
Recently, MRC Allied Inc., in collaboration with Sunray Power Inc. and Menlo Renewable got a service contract for a 100-MW Solar Project inside the New Clark City in Tarlac, a new development project of the Bases Conversion and Development Authority. The P11.75-billion project will potentially serve the energy requirements of the locators and facilities of NCC.
Moreover, MRC has acquired a 15-percent stake in the 50-MW Sulu Electric Power and Light Philippines Inc. solar project in Palo, Leyte, for $5 million, or P255 million. Although, MRC has an option to increase its stake, it will figure out along the way on whether it is wise to raise its stake in Sepalco solar project.
Cosio, who served as president for the First Metro Asset Management Inc. for nine years, is currently thinking if it will exercise its option to increase its 15 percent stake to a majority shareholding to potentially gain control over the company.
In terms of recycling waste into fuel, MRC is serious in raising the bar to go green. Cosio said the company recently had a meeting with a Japanese company for a potential exploration of a new technology on waste to energy. The technology converts biodegradable garbage and sewage waste into a combination of liquid, solid and methane