Zamora-Bitanga switches off MRC's P3B Cebu solar power project

Zamora-Bitanga switches off MRC’s P3B Cebu solar power project

MRC Allied of bilyonaryos Buddy Zamora and Benjamin Bitanga has shelved its P3 billion solar project in Cebu.

In its 2020 annual report, MRC reported that it booked a P25 million impairment loss incurred in the pre-development of a 60-megawatt solar power plant in Naga City, Cebu.

READ: Double black eye: Zamora-Bitanga’s MRC gets red-flagged as deficit widens to P705M in 2020

MRC was granted a Solar Energy Service Contract (SESC) by the Department of Energy (DOE) for the exclusive right to explore and develop a solar project in Naga City, Cebu.

But it did not go beyond the pre-development stage as the Department of Environment and Natural Resources (DENR) ordered the suspension of development activities within the solar project’s area “because of supervening events affecting the condition and feasibility of the area.”

READ: Anyare sa MRC, PHA mo? Bitcoin fanatics clap back at Gus Cosio for asking: Is bitcoin a great investment?

“As a result, the company had to surrender its service contract with the DOE. The DOE is re-evaluating the project’s technical feasibility and design and the result is still pending,” said MRC.

The Naga solar project was supposed to either supply electricity to the Visayas grid and/or offer its production to large power consumers within and around Southern Cebu.

0 0 votes
Article Rating
Notify of

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inline Feedbacks
View all comments
Would love your thoughts, please comment.x