MRC Allied eyes 100-MW solar boost to portfolio

MRC Allied Inc. is targeting to add 100 megawatts (MW) of solar

- tion plan.

New MRC President Augusto Cosio Jr. told reporters in Makati City

have 42 MW of the planned 100MW

According to him, the 42MW will come from both planned acquisitions and the construction of power plants.

MRC Allied is in talks with a local company for the purchase of a minority stake in a 30-MW local power plant in Leyte province. No other details were disclosed, as the deal is still being negotiated.

The company also plans to construct a new plant in Central Luzon, primarily aimed at assisting agricultural businesses there.

Each MW of solar power usually costs $1 million, it said.

Cosio also said MRC Allied aimed to raise up to P1 billion through private placement to raise funds for

to entice local institutions to invest.

Meanwhile, MRC Allied announced in a disclosure on Monday that it had signed with Edward Marcs Philippines, Inc. ( EMPI) a memorandum of agreement ( MoA) on the design, supply, delivery, construction, installation, testing and commissioning of its 550 kilowattpeak ( kWP) GridTied Solar PV Rooftop Project for two rice milling plants in Northern Luzon.

“This MoA shall become effective from the date of the signing of the said agreement,” MRC Allied said.

plan three months upon MRC Allied’s issuance of a notice to proceed.

Shares of MRC Allied shed P0.015 or 36 percent to end at 40 centavos in line with the Philippine

- cent drop on Monday.