Sunray Power Inc. (SPI) will develop a 100-megawatt (MW) solar-power project in Tarlac.
SPI is 75-percent owned by Menlo Renewable Energy Corp., a wholly owned subsidiary of MRC Allied Inc.
A solar energy-service contract for the development of the said power project within the Clark Green City in the Municipality of Bamban, Tarlac, was recently signed between SPI and the Department of Energy.
MRC is diversifying into an energy company. It previously disclosed that it will be able “to develop, design, construct, operate, maintain, buy, acquire, sell, import and export renewable and clean energy equipment, systems, power plants and technologies that produce electricity from renewable and clean energy resources, such as, but not limited to solar, wind, hydro, geothermal, biomass, liquefied natural gas and other clean and renewable energy sources.”
As a diversified company, MRC has also been strengthening its structure. It has taken in former Energy Secretary Carlos Jericho L. Petilla as one of its board members.
Last month, the company said it was eyeing to acquire a significant stake in six more renewable- energy (RE) developers, following the successful acquisition of a 15-percent stake in a 50-megawatt (MW) solar project in Leyte.
“We are evaluating at least six more. They are all RE firms. We are confident we can close one to two more before the year ends,” MRC Allied President Gladys Nalda said.
The listed firm acquired a 15-percent stake in the 50-MW Sulu Electric Power and Light Philippines Inc. (Sepalco) Solar Project in Palo, Leyte for P255 million.
“This will complete MRC Allied’s 200-MW target for 2017 and, since it’s an operational plant, we shall take an active role in the management of the power plant,” Nalda added.
There are plans, she said, to increase its interest in Sepalco up to 51 percent. “We want a majority control of Sepalco. We made a commitment to help improve their financial operations so we can acquire a bigger stake,” Nalda said.