MRC Allied Inc. (MRC) is pursuing a $90-million solar farm in Cebu to beef up its presence in the renewable energy sector.
MRC President and Chairman, Benjamin Bitanga, said the 60-megawatt (MW) solar power harvesting facility will be put up in the company’s industrial estate in Naga City, Cebu and will be financed solely by the company.
“We have already received an approval for the project and are now in the pre-development stage,” Bitanga said.
He said the solar farm could be completed in six months.
MRC is primarily into property development. Its non-core businesses include mining and renewable energy.
Bitanga said the company it now waiting for the next feed-in tariff (FIT) rate before going into the next phase of the energy project.
The FIT system is a scheme of incentives for investors in renewable energy in which participants are must source electricity from a renewable energy company at a fixed but more expensive rate compared with coal-fired energy. This is part of the government’s plan to lure more investors into clean energy.
Federico Prieto, MRC Allied corporate secretary, earlier said the plan is to connect the solar power facility to the Visayas grid.