Sunray bags solar energy deal

#As published on ManilaStandard

The Energy Department granted Sunray Power Inc. the service contract to develop a 100-megawatt solar project at Clark Green City in Bamban, Tarlac.

Sunray, an energy company which is 75-percent owned by Menlo Renewable Energy Corp., a wholly-owned subsidiary of MRC Allied Inc., signed the solar energy service contract Monday.

“In the service contract, the government authorizes SPI to explore, develop, and utilize solar energy resources within the designated area for a period of 25 years,” MRC Allied said in a disclosure to the stock exchange.

MRC Allied has been expanding its renewable energy portfolio through a series of acquisitions.

MRC Allied recently acquired a 15-percent stake in Leyte-based solar power producer Sulu Electric Power and Light Philippines for P255 million. The company also executed a memorandum of understanding with Uni Solar Inc. to develop solar energy projects in the country.