The joint venture of Manila Electric Co., Marubeni Corp., The Kansai Electric Power Co. Inc., and Chubu Electric Power Co. Inc. signed a joint venture agreement with state-run Bases Conversion and Development Authority to put up power distribution facilities at New Clark City in Tarlac province.
“Under the JVA, the Meralco Marubeni consortium will put up a special purpose company that will have equity stake equivalent to ninety percent in a joint venture company to be formed with the BCDA,” Meralco said in a statement.
Meralco said the JVC would pursue and undertake the financing, design and engineering, establishment, construction, development and operation and maintenance of the electric power distribution system in New Clark City.
Meralco, the country’s biggest power distributor. owns a 60-percent stake in the consortium. Meralco and Marubeni submitted the lowest power distribution rate for the New Clark City of P0.6188 per kilowatt-hour. The consortium is investing P1 billion to put up the power distribution facilities in preparation for the 30th Southeast Asian Games later this year.