MRC Allied to expand energy portfolio in 2020
As published on BusinessMirror.
MRC Allied Inc. is gearing up to expand its energy portfolio this year, its top official said Monday.
MRC Allied President and CEO Augusto Cosio Jr. is leading the company’s new management team, whose vision and road map are consistent with MRC’s focus to become a major renewable-energy (RE) player.
Listed in the stock market, MRC Allied was originally Makilala Rubber Corp. that was transformed into a property development company in 1995 through its former president, businessman Benjamin Bitanga. It has further expanded to Mining in 2010 and RE in recent years after Bitanga stepped down as president and chief executive officer in 2017.
For its energy portfolio, the company wants to maintain its focus on solar rooftop projects. It also plans to tap opportunities on utility scale project developments, continuing existing projects within the umbrella of MRC, such as Sepalco’s 50-megawatt solar project, the 100-MW SPI Clark solar project and the 60-MW Naga solar project.
Aside from RE projects, MRC Allied also wants to explore opportunities in sand export business.
Last December, the company signed a sale and purchase agreement with Shining Star Ningbo Import & Export Co. Ltd. (Shining Star) for delivery of sand.
“Under the agreement, MRC will be delivering Shining Star 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 per shipment,” MRC disclosed.
Cosio said all these projects in the pipeline would transform the company into a bigger, bolder and future-ready company with investments in renewable energy.