By Juzel L. Danganan
MANILA, May 14 (PNA) — Property developer MRC Allied Inc. has fully entered the power industry business after it formed Menlo Renewable Energy Corporation.
”Please be advised that the company has caused the incorporation of Menlo Renewable Energy Corp. Menlo Renewable Energy Corp. is a wholly owned subsidiary of MRC Allied Inc. and was formed to carry out the renewable energy projects of the company,” MRC told the local bourse in a disclosure Thursday.
The developer said Menlo Renewable Energy Corp would develop, construct, operate, maintain, buy, acquire, sell, import and export renewable energy power plants, systems, equipments and technologies that produce electricity from renewable energy resources.
It is tasked to engage in sales and trading of electricity to other power corporations, private distribution utilities, public electric utilities, electric cooperatives, retail electricity suppliers and electricity markets.
Menlo Renewable could also engage in joint-ventures for renewable energy projects.
However, MRC said Menlo would not engage in acquaring funds, securities, portfolios and retail of the other corporation.
Last month, MRC Allied disclosed its plans to build at least a 50-megawatt (MW) solar farm in the Visayas grid.
The farm could either supply electricity to the Visayas or offer it to electric cooperatives in the area.
MRC said its land bank in Naga City, Cebu would be used for the solar farm.
MRC owns a 160-hectare industrial estate in Naga City and a 700-hectare raw land in San Isidro, Leyte. (PNA)