MRC Allied, Uni Solar sign solar energy deal
Listed MRC Allied Inc. said it signed a memorandum of understanding with Uni Solar Inc. to develop solar energy projects in the country.
“The purpose of the MoU is to confirm that both parties have an interest in developing Solar Photo Voltaic Rooftop projects in the Philippines as identified by Uni Solar,” MRC Allied said in a disclosure to the stock exchange Wednesday.
Uni Solar is a company based in the Philippines which is engaged in the business of design, global sourcing, local distribution, manufacturing and sales of quality and environment-friendly solar power products especially in solar photo voltaic for rooftops.
MRC Allied said that under the agreement, it would conduct a due diligence for a period of one year.
“The purpose of the due diligence is to allow MRC to make a decision to pursue solar photo voltaic rooftop projects with Uni Solar,” the company said.
MRC Allied has been aggressively pursuing renewable energy projects following its announcement to develop at least 1,000 megawatts of clean and renewable energy in the next five years that would require investments of about P80 billion to P100 billion.
The company also executed an MOU with China Energy Engineering Group Guangdong Power Engineering Co. Ltd. for the possibility of developing renewable energy projects in the country.
GPEC is based in Guangzhou in China and engaged in exploration, development and construction of energy projects.