MRC Allied Inc. on Monday unveiled plans to develop more solar rooftop projects in a move to beef up its energy portfolio.
“For its energy portfolio, the company wants to maintain its focus on solar rooftop projects, an increasingly growing industry as many businesses now realize the benefits of solar energy and utilizing rooftops for such solar panels,” the listed firm said in a statement.
In particular, MRC Allied intends to tap opportunities in scale project developments,
continuing its existing projects such as the 50-megawatt (MW) solar power project in Palo, Leyte; 100-MW solar project in Tarlac; and 60-MW solar facility in Naga, Cebu.
The company has a 15-percent stake in Sulu Electric Power and Light Philippines Inc.’s in Leyte. The power facility, touted as the largest solar project in Region 8 (Eastern Visayas), has been operating since 2016.
Sunray Power Inc., an affiliate of MRC Allied, has bagged a contract to build an P8.5-billion solar project in New Clark City. This would be developed in partnership with the Bases Conversion Development Authority.
Another power project in the firm’s portfolio is the 60-MW solar power plant that is being constructed by its subsidiary Menlo Renewable Energy Corp. It can supply electricity to the Visayas grid and offer its power to consumers within and around Naga, Cebu.
Aside from undertaking renewable energy projects, MRC Allied also seeks to explore new legs of business including the sand export business.
Last December, MRC Allied signed sale and purchase agreement with Shining Star Ningbo Import & Export Co. Ltd. for delivery of sand.
Under the five-year deal, MRC Allied will deliver Shining Star natural river sand in bulk in sand from a potential seller. The company would have a gross revenue of $760,000.00 per shipment.
MRC Allied President and Chief Executive Officer Augusto Cosio Jr. said the projects in the pipeline would transform the company into a bigger, bolder and future-ready company with investments in renewables.
The entity is also committed to work on its low-hanging fruits while making sure that current and ongoing projects are working.
MRC Allied shares added P0.001 or 0.50 percent to end at P0.20 apiece on Monday.