Property developer MRC Allied Inc. said it is “in talks” with several potential investors that would infuse capital and expertise to its plans to engage in solar power generation.
MRC, in a disclosure to the stock exchange, said it would form a subsidiary to handle the project, which was part of company efforts to promote and support the government’s aim to develop renewable energy sources.
“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 said.
MRC said it will use its land in Naga City, Cebu to develop a 50-megawatt solar power plant that will “either supply electricity to the Visayas grid or offer its production to large power consumers within the area.
MRC Allied said the solar power venture would be presented to the stockholders in its upcoming annual stockholders meeting.
Incorporated in 1990, MRC Allied is a former rubber-manufacturing firm that shifted to real estate business, mainly in township development.