Menlo Renewable Energy Corp., the renewable energy arm of listed company MRC Allied Inc., on Tuesday broke ground for a 1.1-megawatt solar photovoltaic rooftop project in one of the major malls in Mindanao.
MRC earlier said that Menlo Renewable signed a memorandum of agreement for the development, design, construction and installation of at least 1.1-MW solar rooftop system as a pilot project of its solar program. The company did not disclose the name of the mall because of competitive reasons.
“Under the MOA [memorandum of agreement], 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,” Menlo Renewable said.
The solar power project, with total investment of P67.4 million, covers a cooperation period of 20 years starting the issuance of the acceptance certificate.
MRC Allied has successfully diversified into other businesses such as renewable energy.