Meralco, Metrobank group tie up for power plant projects
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MANILA - Meralco has signed an agreement with the Metrobank group for tie-ups in future power projects.
In a disclosure to the Philippine Stock Exchange, Manila Electric Co said it executed a memorandum of understanding with Global Business Power Corp for both parties "to jointly pursue and evaluate certain potential power generation projects."
The agreement follows Meralco's plan to develop 2,700 megawatts of power generating capacity over the next five years to help temper and secure the utility's rates and electricity supply, respectively.
In line with this, Meralco, through subsidiary Meralco Power Gen, is putting up a 600-megawatt coal plant in the Subic Bay Freeport Zone in partnership with Aboitiz Power Corp and Taiwan Cogeneration Corp.
Oscar S. Reyes, Meralco president and chief executive officer, earlier said the company may also partner with other groups to build up its power generation portfolio.
"We’re open to work with all existing generators. It’ll be the question on who is in the best position on interconnection challenges… a function of their readiness or position to proceed and secondly what their project costs are," he said.
Global Power is a member of the Metrobank group of companies, whose flagship is GT Capital Holdings.
Global Power has over 600 megawatts of generating capacity from coal and bunker fueled plants mainly in the Visayas.
Manuel V. Pangilinan chairs Meralco and TV5, of which InterAksyon.com is the online news portal.