MRC Allied, China's GPEC plan to go into renewable energy

MRC Allied Inc. and a Chinese engineering firm are going to develop renewable energy projects in the Philippines.

"The company executed a memorandum of understanding with China Energy Engineering Group Guangdong Power Engineering Co. Ltd. (GPEC)," MRC Allied said in a disclosure on the Philippine Stock Exchange.

"The purpose of the MOU is to confirm that both parties have an interest in developing renewable projects in the Philippines as identified by MRC Allied Inc.," the disclosure read.

The Guangzhou, China-based GPEC is in the business of exploration, development, and construction of energy projects.

With the MOU signed, GPEC will now conduct due diligence for one year.

"The purpose of the due diligence is to allow GPEC to make a decision to pursue renewable energy projects with MRC," the disclosure read.

"The parties are bound by the terms and confidentiality while the MOU is in force and within one year thereafter" it added.

MRC Allied, primarily a property developer, has principal assets that include a 160 hectare industrial estate in Naga City in Cebu province and a 700 hectare land in San Isidro, Leyte. — Jon Viktor Cabuenas/VDS, GMA News