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MRC eyes 12MW solar power projects

As published on Malaya Business Insight.

Listed firm MRC Allied Inc. targets to complete a solar rooftop portfolio of 12 megawatts (MW) in the next two years. The company said the plan will be carried out through its subsidiary Menlo Renewable Energy Corp. (MREN), completing solar photovoltaic rooftop projects in its rice mills and malls. Jimmy Yaokasin, MRC Allied chairman, said this initiative forms part of the company’s transition, with a new set of board and management implementing changes in strategy which also effectively stabilized the company’s stock price. Augusto Cosio Jr., MRC Allied president and chief executive officer, mentioned the company will also continue the current utility scale solar projects within the umbrella of MRC such as SEPALCO’s 50 MW, the 100 MW project in Clark and the 60 MW Naga project. “Indeed, the last seven months has been challenging at the same time encouraging. We are challenged to continuously work for MRC’s success and we are encouraged to deliver, produce results, exceed stockholder’s expectations as well as eventually improve shareholder’s value,” Cosio said. Last March, MREN broke ground on its 1.1 MW mall solar rooftop project in Mindanao estimated to cost P67.4 million, with a cooperation period of 20 years. MRC Allied was formerly focused solely on its property business. It recently diversified into other businesses such as renewable energy.

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