MRC, China Energy Group ink MOU for renewable energy projects in PH
Listed holding firm MRC Allied Inc. and China Energy Engineering Group Guangdong Power Engineering Co. Ltd. (GPEC) are teaming up to develop renewable energy projects in the Philippines.
Under the MOU, GPEC shall conduct a due diligence for a period of one year.
“The purpose of the due diligence is to allow GPEC to make a decision to pursue renewable energy projects with MRC,” the listed firm said in a disclosure to the stock exchange.
Guangzhou-based GPEC is engaged in the business of exploration, development and construction of energy projects.
The partnership is in line with MRC’s ambitious plan of boosting its power generating capacity to at least 1,000 megawatts by 2022 or at least 200 MW every year.
Gladys Nalda, president and CEO of MRC, earlier said the company was ready to spend P80 billion to P100 billion for its tranformation into an energy enterprise.
MRC is currently trading at P.350, up 4.48 percent from Wednesday’s close.