The Manila Electric Company (Meralco) of the Philippines is acquiring a majority stake in an Aboitiz Power Corporation joint venture that is building two 300 MW coal fired power plants in the Subic Bay Freeport Zone.
In addition, the two firms announced that Meralco PowerGen Corporation will take a controlling interest in Redondo Peninsula Energy (RP Energy), which will be responsible for the construction and operation of the proposed Subic Bay power plant.
RP Energy is a 50-50 joint venture company formed by AboitizPower’s wholly-owned subsidiary Therma Power and Taiwan Cogeneration International Corporation.
The commercial operation of the plants are scheduled to start in 2014, with the power being supplied to the Luzon grid.
Meralco said that entry into power generation is part of its strategy to ensure efficient, adequate and reliable electricity supply at cost-competitive rates. It said that the partnership will add to Meralco’s electricity supply portfolio.
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