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MRC Allied in talks with seven local, foreign firms for its planned 50-MW solar project in Cebu

Posted on April 7, 2015

By Juzel L. Danganan

MANILA, April 7 (PNA) — MRC Allied Inc., a publicly listed property development firm, plans to expand into power generation business using unused portion of its land bank in Naga City, Cebu.

”The goal is to develop at least 50 MW (megawatt) capacity Solar Power Plant/Farm that can either supply electricity to the Visayas grid or offer its production to off-takers,” MRC said in a disclosure with the Philippine Stock Exchange (PSE) Tuesday.

MRC is in talks with seven local and foreign companies regarding the solar project, but declined to name the companies due to non-disclosure agreements.

The discussion includes financing, development and operational aspect of the solar project.

The firm noted that the plan and creation of a subsidiary or the main company for the solar project still has to be approved by its shareholders during the upcoming annual stockholders meeting.

MRC also said that the timing was perfect with the policy of the government to promote renewable energy (RE) projects, initially through the Feed-in-Tariff (FIT) which allows RE companies to have a fixed rate for 20 years.

MRC owns a 160-hectare industrial estate in Naga City and a 700-hectare raw land in San Isidro, Leyte. (PNA)

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