Listed MRC Allied Inc. said it aims to develop at least four megawatts of photovoltaic rooftop projects after initially securing contracts to energize two rice mills in Northern Luzon.
“We would like to inform the exchange that MRC Allied executed a memorandum of agreement for the development, design, construction, installation, of at least 550-kilowattpeak solar photovoltaic rooftop system for two rice milling plants located in Northern Luzon area,” the company said in a disclosure to the stock exchange Wednesday.
Under the agreement, MRC will be the project developer and owner of the solar facility while a private entity, owning and operating two milling plants, will be the power off-taker.
“The signing of above MOA is a significant milestone for the company, and will kick off the pilot project of the company in its current solar PV project pipeline. The company aims to develop at least 4 MW of solar PV projects within the pilot project area,” MRC president and chief executive Augusto Cosio Jr. said.
Cosio said construction of the P34-million 550 kWp solar PV rooftop project would begin in December while completion was expected by May 2019.
The company targets to complete the entire 4 MW solar PV rooftop projects in the next two years.
Cosio said MRC Allied aimed to gain a foothold in the growing Philippine solar PV rooftop market. The company plans to develop more renewable energy projects.
MRC previously announced its target to develop at least 1,000 MW of power generation capacity by 2022.