HomeNewsPhilippine's Meralco acquires major stake in power generation assets

Philippine’s Meralco acquires major stake in power generation assets

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.
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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.
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RP Energy is a 50-50 joint venture company formed by AboitizPower’s wholly-owned subsidiary Therma Power and Taiwan Cogeneration International Corporation.
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The commercial operation of the plants are scheduled to start in 2014, with the power being supplied to the Luzon grid.
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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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For more Mergers & Acquisitions news click here.
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