INTERCONNECTED Artist’s concept of a railway between the Metro and New Clark City in Pampanga.
MANILA, Philippines–A consortium of Manila Electric Co. (Meralco) and its Japanese partners have signed a joint venture agreement with the Bases Conversion Development Authority (BCDA) for the development of the electricity distribution system for the New Clark City in Pampanga.
Meralco has a 60-percent stake in the consortium that includes Marubeni Corp., The Kansai Electric Power Co. Inc. and Chubu Electric Power Co. Inc.
In a regulatory filing, Meralco said that under the agreement, the so-named Meralco-Marubeni consortium will form a special purpose company that will hold a 90-percent equity in the joint-venture firm with BCDA.
“The (joint venture company) shall then 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 said. /jpv