MRC Allied exploring renewable energy with Chinese partner

MANILA, Philippines - MRC Allied Inc. is looking at the potential of developing renewable energy projects in the country with a Chinese firm as partner.

The company disclosed yesterday it executed a memorandum of understanding (MOU) with China Energy Engineering Group Guangdong Power Engineering Co. LTD. (GPEC).

“The purpose of the MOU is to confirm that both parties have an interest in developing renewable energy projects in the Philippines as identified by MRC Allied Inc.,” it said.

GPEC is a foreign company based in Guangzhou, China. It is engaged in the business of exploration, development and construction of energy projects.

Under the MOU, GPEC will conduct a due diligence for a period of one year to decide if it will pursue renewable energy projects with MRC.

Originally a listed real estate company with a diverse portfolio in property and mining, MRC Allied announced in May its shift in focus to pursue investments in the power sector, particularly renewable energy and other clean energy developments under its new president and CEO Gladys Nalda.

The company has charted a 1,000-megawatt capacity target by 2022 from clean energy developments, entailing an investment of roughly P80 billion-P100 billion.