05 Jul MRC Allied moves into renewable energy
Philippines-based property development firm MRC Allied Inc. (MRC) is pursuing a US$80 million solar farm in the city of Cebu, aiming to boost its presence in the renewable energy sector.
Benjamin Bitanga, MRC president and chairman said the 60MW solar power facility will be constructed in the company’s industrial estate in Naga City, Cebu and will be financed by the company.
“We already have received an approval for the project and are now in the pre-development stage,” said Bitanga.
MRC Allied works primarily in property development and its non-core businesses are mining and renewable energy.
Bitanga explained the company is currently waiting for the next feed-in tariff (FIT) rate before moving onto the next phase of the energy project.
The solar farm is expected to be completed in six months and the company’s goal is to connect the power facility to the Visayas grid.