Oriental Peninsula Resources Group Inc., which trades on the stock exchange under the symbol ORE, said Tuesday one of its affiliate, Oriental Energy & Power Generation Corp., has signed an agreement with Japan’s Marubeni Corp. for the development of renewable energy sources in the Philippines.
ORE said the deal signed by its 30 percent-owned Oriental Energy was for a two-year period to determine if the Philippine company and Marubeni will pursue the development of hydro and solar power projects that combined will generate 400 megaWatts.
It said Oriental Energy and Marubeni envisaged building a 250-MW hydroelectric power station and a solar farm that could generate around 150 MW.
The deal is among several business agreement signed during the visit of President Ferdinand Marcos Jr. to Japan last week.
