EEI Corp. said it had signed a memorandum of understanding with Industry Holdings and Development Corp. (IHDC) to explore and co-develop three potential solar farms with an expected output of 150 megawatts.
'In our Company's undertakings, we uphold the global push for clean and renewable energy. This endeavor with IHDC is an opportunity for EEI to further promote environmental sustainability,' Henry D. Antonio, EEI president and chief executive officer, told the stock exchange on Wednesday.
Mr. Antonio said the partnership further cements their environmental commitment and sustainable economic growth.
'IHDC and EEI are determined to achieve fruitful outcome from this collaboration that will benefit the economy, environment, and social living standards of the people altogether,' Noel Santiago, president of IHDC, said in a statement.
The listed construction company said the potential project is slated for the next two years.
Aside from solar farms, EEI and IHDC are also looking at other opportunities, Mr. Antonio said.
He noted that possible partnerships between EEI and IHDC are opportunities in the public-private partnership (PPP) program.
'In EEI, we have relentless commitment to nation-building, thus, we are very much eager to explore future opportunities under the PPP program wherein we can help provide better facilities for the country and the people,' Mr. Antonio said.
Last month, Yuchengco-led PetroEnergy Resources Corp. signed a share purchase agreement with EEI's energy arm EEI Power Corp. to acquire the latter's share in PetroEnergy's three renewable energy subsidiaries PetroGreen Energy Corp., PetroSolar Corp., and PetroWind Energy, Inc.
After the fulfillment of all conditions of the sale, EEI Power will no longer have any interest in PetroGreen, PetroWind, and PetroSolar.
At the stock exchange, EEI shares fell by eight centavos or 1.46%, ending at P5.40 apiece on Wednesday.