Menlo Renewable Energy Corp. (MREN) has started the construction of the firm’s rooftop project in Mindanao, as it aims to be a key player in the country’s solar industry.
The renewable energy arm of MRC Allied Inc. broke ground on its 1.1-MW solar photovoltaic project in one of the major malls in the region.
MREN had signed a memorandum of agreement for development, design, project, and installation of the project, which is their pilot project for its solar PV program.
“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 off-taker,” as stated under the MOA.
As stated in the MOA, around P67.4 million will be allotted for a 20-year cooperation period of the parties, beginning from the issuance of the acceptance certificate.
MRC Allied is originally a property company before it joined various industries such as renewable energy.
The firm aims to have a 200-MW capacity in the next two years.