MRC Allied to venture into renewable energy

MRC Allied to venture into renewable energy

MRC Allied Inc. has increased its authorized capital stock to P5 billion on the back of its venture into renewable energy (RE) projects.

The board also said in a disclosure that it has approved “the acquisition of renewable facilities through its own or its subsidiary,” as well as changing their name to MRC Inc.

In May, the company said it is developing its first solar energy project with a 60-megawatt (MW) solar farm through its subsidiary Menlo Renewable Energy Corp. (MREC).

The Department of Energy (DOE) has already given MREC a solar energy service contract (SESC) for the 60-MW project in Cebu.

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