Philippines' MRC Allied buys stake in 50-MW solar park

As published on RenewableSnow

Sep 25 (Renewables Now) - Philippine property developer MRC Allied Inc has acquired a 15% stake in a 50-MW solar park in Palo, Leyte, it said on Thursday.

The company, which is diversifying into the energy sector, has purchased the interest in the Sulu Electric Power and Light Philippines (Sepalco) photovoltaic (PV) plant from one of its shareholders with the option to later boost that to a majority shareholding. Financial details of the deal were not provided.

The solar park will be MRC Allied’s first operating solar farm. The facility has been generating power since 2016. It is connected to a 69-kV transmission line of the National Grid Corporation of the Philippines (NGCP).

The acquisition will “complete MRC Allied’s 200-MW target for 2017,” president Gladys Nalda said.

MRC Allied has approved a shift of its focus to become a 100% energy company. As it announced in June, it will seek to add at least 1,000 MW of renewables capacity by 2022.