Signaling its entry into the solar photovoltaic (PV) industry, property development firm MRC Allied on 19 December launched its pilot solar PV project in Northern Luzon with an aggregated capacity of 550 kilowatt per hour (kWp).
Solar PV is a technology that harnesses sunlight (solar radiation) into direct current electricity through the use of semiconductors. A method of electricity generation, it has been seeing global growth as companies worldwide shift to renewable energy primarily to reduce carbon emissions and slow down global warming.
MRC Allied previously disclosed having signed a memorandum of agreement to implement solar PV rooftop facilities in Northern Luzon to support its bid to move into renewable energy (RE) and the energy sector.
“As we break ground our pilot project, we want to inform our investing public that indeed MRC is serious in setting foot into the solar PV and renewable energy space and not only that, by implementing these projects we are improving and giving shareholder value to our stockholders,” MRC president and chief executive officer Augusto Cosio Jr. said in a regulatory filing.
He led the groundbreaking ceremony along with the project’s engineering, procurement and construction contractor, rice mill owners and local businessmen.
MRC said that the solar PV rooftop is a recent addition to the firm’s business portfolio and bared plans to aggressively work on increasing its capacity, particularly in terms of solar PV rooftop installation in the rural areas of North Luzon.
“We are happy that we are also setting up the facility in rice mills because we get to contribute to the country-side development by giving the agricultural sector an access to renewable energy technology solutions such as this while enjoying the savings of cheaper cost of power. In turn, it will lower down the cost of production which might eventually lead to reduce the price of agricultural products in the future,” Cosio added.
The publicly listed MRC Allied holds a diversified portfolio in real estate development and mining on top of pursuing renewable energy projects.