Construction firm EEI Corp. said Wednesday it signed a memorandum of understanding with Industry Holdings and Development Corp. for the development of three potential solar farms with a total possible output of 150 megawatts.
EEI said in a disclosure to the Philippine Stock Exchange the project initiation of the solar farms is targeted in the next two years.
“In our company’s undertakings, we uphold the global push for clean and renewable energy. This endeavor with IHDC is an opportunity for EEI to further promote environmental sustainability. Together, we could bolster our commitment to the environment and sustainable economic growth,” said EEI president and chief executive Henry Antonio.
The MOU signing was held at RCBC Plaza in Makati City and was attended by Antonio, EEI chairman Lorenzo Tan, IHDC chairman Francis Chua and IHDC president Noel Santiago.
Santiago welcomed IHDC’s partnership with EEI, a 92-year old company engaged in general engineering construction and in other industries such as the development, construction, commissioning, operation, maintenance, rehabilitation and management of various power plants and renewable energy generating facilities through its subsidiary.
IHDC is a firm engaged in investment, purchase and acquisition of properties, manufacturing and logistics.
“IHDC and EEI are determined to achieve fruitful outcome from this collaboration that will benefit the economy, environment, and social living standards of the people altogether,” said Santiago.
Antonio said that aside from the solar projects, EEI and IHDC are also eyeing opportunities to participate in future projects under the public-private-partnership program.
“In EEI, we have a relentless commitment to nation-building, thus, we are very much eager to explore future opportunities under the PPP program wherein we can help provide better facilities for the country and the people,” Antonio said.