Listed MRC Allied Inc. said it will pursue aggressive opportunities in the renewable energy sector next year following the passage of a higher excise tax on coal.
“With the new tax law being implemented next year and with coal becoming less and less viable option as an energy source, the shift into clean and renewable power source is timely,” MRC Allied president Gladys Nalda said in a statement.
The higher excise tax on coal is expected to make renewable energy projects more competitive, the company said.
“We are open to pursuing all types of energy provided it is clean or renewable. We will also continue with our buy or build strategy as we add more energy projects to our portfolio. We will be more aggressive in seeking partners in order to achieve our target capacity,” Nalda said.
Nalda said the company would increase its renewable energy target to 10,000 megawatts in the next ten years.
“We are looking at a target of at least 10,000 MW of clean and renewable energy in 10 years. This will be equivalent to about P80 to P100 billion or more in terms of capital investment depending on the technology or resource,” she said.
Nalda said 2017 was both “challenging and fulfilling.”
“It was a challenge to transition MRC into an energy company from its portfolio of property development and mining exploration. But with the help of our new board, new management, new organizational thrust”•we were able to overcome this challenge,” Nalda said.
Nalda said the company exceeded its target capacity of 200 MW of clean energy for 2017.
The company recently acquired a stake in the 50-MW Sepalco Power Project, an operating power plant based in Leyte.
Nalda said the Sepalco project was a significant addition to the 100-MW Clark solar project and the 600-MW Naga solar project that were in predevelopment stage.
