Philippines-based residential commercial and industrial property developer MRC Allied, Inc. (MRC), announced July 27 that it had signed a Memorandum of Understanding (MoU) with China Energy Engineering Group Guangdong Power Engineering Co., Ltd (GPEC). According to a statement, the purpose of the MoU is to "confirm that both parties have an interest in developing renewable energy projects in the Philippines as identified by MRC Allied".
Incorporated in 1990, MRC, formerly Makilala Rubber Corporation, is a property development firm in the Philippines which is engaged in the development of master planned, integrated residential, commercial, recreational, tourism and industrial areas within a single community or township.
Originally involved in the processing and export of baled natural rubber, a business that was divested 1997, MRC diversified into property development, particularly into township development.
Currently, MRC owns two land banks; a 160-hectare (ha) industrial estate in Naga City, Cebu registered with the Philippine Economic Zone Authority as a special economic zone and a second 700 ha tract of raw land in San Isidro Municipality, Leyte.
Based in Guangzhou, China GPEC is engaged in the business of exploration, development and construction of conventional and renewable energy projects.
According to a statement, the MoU has the following features:
- GPEC will conduct a due diligence for a period of one year from MoU signing
- The purpose of the due diligence is to allow GPEC to make a decision to pursue renewable energy projects with MRC
- The parties are bound by the terms and confidentiality while the MoU is in force and within one year thereafter
