MRC Allied plans to expand renewable energy portfolio
As published on The Philippine Star.
MANILA, Philippines — MRC Allied Inc. said it will continue the expansion of its energy portfolio this year, as it aims to keep the momentum set over the last three years.
“For its energy portfolio, the company wants to maintain its focus on solar rooftop projects, an increasingly growing industry as many businesses now realize the benefits of solar energy and utilizing rooftops for such solar panels,” the company said in a statement Monday.
In October, MRC inaugurated the 550-kilowatt peak(kWp) solar photovoltaic (PV) project, its first solar rooftop project which will power up rice milling plants in North Luzon.
The P34-million project by its wholly owned subsidiary Menlo Renewable Energy Corp.(MREN) is expected to help the agriculture sector by reducing power costs.
For this year, MRC said it also plans to tap opportunities on utility scale project developments, continuing existing projects within the umbrella of MRC such as Sulu Electric Power and Light Philippines Inc.(Sepalco)’s 50-megawatt (MW) solar project, the 100-MW SPI Clark solar project and the 60 MW Naga solar project.
Apart from its renewable energy projects, MRC said it also wants to explore other business segments.
“One of the new ventures that MRC will be exploring further this year is the sand export business,” the company said.
In December, the company signed a sale and purchase agreement with Shining Star Ningbo Import & Export Co. Ltd. for the delivery of sand.
Under the agreement, MRC will deliver to Shining Star a natural river sand in bulk from a potential seller.
“The contract will be effective for five years. The company will have a gross revenue of $760,000.00 per shipment,” MRC disclosed earlier.
MRC Allied president and CEO Augusto Cosio Jr. said the company is now implementing a new vision and roadmap consistent with MRC’s focus to become a major renewable energy player.
Cosio said all these projects in the pipeline would transform MRC Allied into a bigger, bolder and future-ready company with investments in renewable energy.
“MRC is also committed to work on its low hanging fruits while making sure that the current and ongoing projects are working,” the company added.