Megawide, PhilCarbon eye to develop RE projects

MANILA, June 30 (PNA) — Publicly-listed Megawide Construction Corporation and PhilCarbon Inc. are eyeing to develop renewable energy (RE) projects in the country.

In a disclosure to the Philippine Stock Exchange (PSE) Monday, Megawide said it entered to an agreement with PhilCarbon on Monday for RE development.

Megawide cited that these RE projects will include biomass, wind, hydro, solar and geothermal energy.

PhilCarbon deals on the technical aspect of a project conceptualization to strategies formulation in the development of RE sources for power generation.

It follows the Kyoto Protocol which obligates countries to reduce emissions of greenhouse gases that cause global warming.

The company’s 33.4 Megawatt (MW) Bulalacao Wind Farm, based in Oriental Mindoro, will soon be operational in late 2017. The wind farm is approximated to cost P3.4 billion.

Previously, PhilCarbon had transactions with five power plants, mainly based in the Luzon and Mindanao.

Meanwhile, Megawide mainly engaged in general construction of buildings, houses and condominiums, roads, plants, bridges, piers, waterworks, railroad and other structures.

The company has implemented advanced technology building systems to its built structures such as pre-cast concrete and formwork system.

In first quarter this year, Megawide reported a gross revenue of P2.8 billion and a net income of P81 million. (PNA)