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Philippines
Tuesday, October 8, 2024

Sunray bags solar energy deal

The Energy Department granted Sunray Power Inc. the service contract to develop a 100-megawatt solar project at Clark Green City in Bamban, Tarlac.

Sunray, an energy company which is 75-percent owned by Menlo Renewable Energy Corp., a wholly-owned subsidiary of MRC Allied Inc., signed the solar energy service contract Monday.

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“In the service contract, the government authorizes SPI to explore, develop, and utilize solar energy resources within the designated area for a period of 25 years,” MRC Allied said in a disclosure to the stock exchange.

MRC Allied has been expanding its renewable energy portfolio through a series of acquisitions.

MRC Allied recently acquired a 15-percent stake in Leyte-based solar power producer Sulu Electric Power and Light Philippines for P255 million. The company also executed a memorandum of understanding with Uni Solar Inc. to develop solar energy projects in the country.

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