July 3, 2016 9:29 pm by KATRINA MENNEN A. VALDEZ
MRC Allied Inc. (MRC)
is pursuing a $90-million solar farm in Cebu to beef up its presence in the
renewable energy sector.
MRC President and
Chairman, Benjamin Bitanga, said the 60-megawatt (MW) solar power harvesting
facility will be put up in the company’s industrial estate in Naga City, Cebu
and will be financed solely by the company.
“We have already
received an approval for the project and are now in the pre-development stage,”
Bitanga said.
He said the solar farm
could be completed in six months.
MRC is primarily into
property development. Its non-core businesses include mining and renewable
energy.
Bitanga said the
company it now waiting for the next feed-in tariff (FIT) rate before going into
the next phase of the energy project.
The FIT system is a
scheme of incentives for investors in renewable energy in which participants
are must source electricity from a renewable energy company at a fixed but more
expensive rate compared with coal-fired energy. This is part of the
government’s plan to lure more investors into clean energy.
Federico Prieto, MRC
Allied corporate secretary, earlier said the plan is to connect the solar power
facility to the Visayas grid.
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