Marubeni Corp. of Japan sought for more time to firm up its 20-percent investment in a 700-megawatt coal plant in Calaca, Batangas that will cost P90 billion.
“They [Marubeni] are waiting for head office clearance,” Semirara Mining and Power Corp. chairman Isidro Consunji told reporters.
Consunji said Marubeni agreed to take a 20 percent stake while Semirara, a unit of DMCI Holdings Inc. and Meralco PowerGen Corp., a wholly-owned subsidiary of Manila Electric Co. will take 40 percent stake each.
Marubeni originally expected to get approval within six months from April when the joint venture agreement with Semirara and Meralco PowerGen were signed.
Marubeni, however, sought for a 90-day extension to get the approval which meant the joint venture would likely be firmed up early next year, Semirara officials said.
Semirara is also eyeing Black & Veatch, a US engineering firm as engineering, procurement and construction contractor for the project.