MRC tieup with Chinese giant. MOU signed with Energy China GPEC. !000 mw projects by 2022.

MRC for renewable energy MRC_ALLIED_INC

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Wikipedia describes MRC as under
MRC Allied Inc. (MRC) is a property development firm in the Philippines. It is a publicly listed property development firm which has a position in the development of master planned, integrated residential, commercial, recreational, tourism and industrial areas within a single community or township.

Now, the Filipino holding firm is preparing to go higher in its quest for expanding its area of operations. It is forging an alliance with the giant from China that built the Three Gorges Dam in mainland China.

The association is likely to venture into projects of renewable energy in the Philippines in the foreseeable future. Hence, MRC signed a Memorandum of Understanding (MOU) as per a statement.

Thus, MRC announced a tie-up with China Energy Engineering Group Guangdong Power Engineering Co. Ltd. or Energy China GPEC. Thus, this confirmed the business interest of both companies that had plans to install renewable energy projects in the Philippines.

The identification of the projects will be the responsibility of the Filipino partner MRC. Furthermore, the Chinese partner will have one year to decide whether it wants to go ahead with the project.

Thus, the Guangzhou-based Energy China GPEC will explore various facets of the proposed project. Their parent firm China Energy Engineering Group Co. Ltd. has a vast amount of experience in related fields.

Their expertise covers projects of the following fields:
• Power plants based on fossil fuel,
• Power transmission networks.
• Offshore wind farms,
• Nuclear power plants, and
• Multipurpose water facilities like the Three Gorges.

Moreover, Energy China GPEC elaborated its experience as under:
• It constructed about 200 large and medium-sized conventional coal-fired power stations, ,
• nuclear power stations ,
• combined cycle power stations,
• Self-provided power and diesel power plants in China and overseas.

In order to facilitate its movement from mining and power to the renewable energy field, MRC was resorting to public funding. They stated their intention of going in for a public offering of shares.

In fact, they plan to collect about P 1 billion from a combination of private placements and preferred shares offering.

The MRC management made this announcement earlier this month.

In addition, the ambitious plan envisaged a portfolio of spending about P 2 billion. Consequently, by 2022, MRC plans to be equipped with 1,000 megawatts (MW) of clean energy.

In addition, the company will have invested in liquefied natural gas and solar energy too.

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Umrao Singh
Written for: Lars-Magnus Carlsson.
Friday, July 28, 2017