New energy player MRC Allied targets 10,000MW in 10 years
MRC Allied Inc. has achieved its target of 200 megawatts in aggregate power-generating capacity this year, bringing the company closer to its goal of establishing interest in 10,000 MW within 10 years.
MRC president and chief executive Gladys Nalda on Thursday said in a statement that 2017 saw the company meet the challenge of transitioning into an energy company from its portfolio of property development and mining exploration.
The publicly listed firm earlier this year announced a plan to develop at least 1,000 MW of clean and renewable energy within five years.
Towards this end, MRC in September acquired for $5 million a 15-percent stake in the 50-MW solar power project of Sulu Electric Power and Light Philippines Inc. (Sepalco)—an operating solar power plant based in Leyte.
The Sepalco project added to its 100-MW Clark solar project and the 60-MW Naga solar project, both of which are in the predevelopment stage.
Nalda said that while MRC had reached its target capacity for this year, her team would explore energy opportunities beyond renewable energy.
“There is an opportunity to develop LNG [liquefied natural gas] facilities in our country and we are looking at possible partnerships for these types of projects,” she said.
She said with the new tax law that would be implemented next year and with coal “becoming less and less viable option as an energy source,” the shift to clean and renewable power source was timely.
“We are open to pursuing all types of energy provided it is clean or renewable. We will also continue with our buy or build strategy as we add more energy projects to our portfolio,” she said. “We will be more aggressive in seeking partners in order to achieve our target capacity.”
Nalda further said that as MRC grows its energy portfolio, the aspirational target capacity of the company should also increase.
“We are looking at a target of at least 10,000 MW of clean and renewable energy in 10 years,” she said. “This will be equivalent to about P80 billion to P100 billion or more in terms of capital investment depending on the technology or resource.”
