MRC Allied has acquired for $5 million (about P255 million) a 15-percent stake in a 50-megawatt solar power project in Leyte as the company ramps up moves to shift to the energy business.
MRC Allied president Gladys Nalda said in a press briefing Wednesday that the company has an option to increase its interest and that the intention was to get a majority share.
“We are still doing some more evaluation related to this, we are [going through] due diligence,” Nalda said.
The project, located in the town of Palo, is run by Sulu Electric Power and Light Philippines Inc. (Sepalco).
The Sepalco project has a total of 188 solar panels spread over a 70-hectare property. The solar farm is connected to the Visayas grid through a 69-kilovolt line.
Nalda said the acquisition of shares in this project meets MRC Allied’s target of having at least 200 MW of generating capacity under its belt within this year.
Also yesterday, Nalda said shareholders approved the change in the firm’s primary purpose from a property company to a 100-percent energy company.