Listed MRC Allied Inc. signed an agreement to put up a 1.1-megawatt solar rooftop in a mall in Mindanao.
“.... MRC 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,” MRC disclosed to the Philippine Stock Exchange on Wednesday.
Total investment cost for the project is estimated at P67.4 million.
“The (agreement) will become effective upon the issuance of the acceptance certificate by the power off-taker to MRC after successful completion of actual performance testing and interconnection,” it said.
The cooperation period of the parties covers 20 years from the issuance of the acceptance certificate.
“The signing... is another significant milestone for the Company and its plan to be a key player in the solar PV industry in the country,” the company said.
MRC announced in February it ventured into solar rooftop projects and started negotiations to install solar rooftop systems of XRC Mall Developer Inc.