Makati—(PHStocks)—MRC Allied Inc. (PSE: MRC) will form a subsidiary company which will engage in the production of renewable energy, particularly solar energy. In line with the present policy of the government to promote and support renewable energy sources, the company finds it timely to venture into renewable energy projects.
The company will allocate for the solar project unused portion of its land banks in Naga City, Cebu. The goal is to develop at least 50MW capacity Solar Power Plant/Farm that can either supply electricity to the Visayas grid and/or offer its production to off-takers (large power consumers within and around Naga City, Cebu).
The renewable energy venture of the company will be presented for approval by the stockholders during the coming annual stockholders meeting.
In the meantime, the management is engaged in talks with several interested local and foreign entities concerning the solar project. The talk includes among others the financing, development and operational aspect of the solar project.
The company, however, at this stage, is not at liberty to disclose the said entities in accordance with duly executed Non-Disclosure Agreements.