By Lenie Lectura – March 6, 2019
from Business Mirror
MENLO Renewable Energy Corp. (MREN), the renewable-energy arm of listed company MRC Allied Inc., broke ground on its 1.1-megawatt (MW) solar photovoltaic (PV) rooftop project in one of the major malls in Mindanao.
The groundbreaking ceremony was attended by MREN, MRC and mall executives.
MREN earlier signed a memorandum of agreement for the development, design, construction and installation of at least a 1.1-megawatt (MW) solar PV rooftop system as part of the pilot project of its ambitious solar PV program.
“Under the MOA, MREN will be the project developer and owner of the solar facility while a private entity, owning and operating the mall, will be the power offtaker,” MREN said.
With a total investment estimated at P67.4 million, the solar-power project will be good for a cooperation period of the parties of 20 years from the issuance of the acceptance certificate, the MOA said.
From just a property company, MRC Allied has successfully diversified into other businesses such as renewable energy recently.
The company is further expanding its solar-energy footprint through the development of a 1.1-MW solar PV rooftop project as part of its 200-MW target capacity for the next two years.