MANILA, Philippines - The Manila Electric Co. (Meralco) has agreed to join Hong Kong’s First Pacific Company Ltd., through subsidiary Meralco PowerGen Corp., “to take 70 percent interest together in a Singapore power project using a joint venture company.â€
In a statement last night, Meralco said the units of First Pacific and Meralco had formed the FPM Power Holdings Ltd. (FPMP), which has agreed for a share purchase deal with the GMR Infrastructure (Singapore) Pte. Ltd. and the GMR Infrastructure Ltd. (GMRIL) for the acquisition of the majority shares of GMR Energy (Singapore) Pte. Ltd.
The FPMP will spend S$600.006 million (approximately $488 million) plus certain adjustments for time value of money after March 31 to buy out GMRIL’s entire 70-percent share in GMR Energy.
GMR Energy is in the advanced stage of building a 2x400-megawatt (MW) liquefied natural gas (LNG) power plant in Jurong Island, Singapore.
“Meralco Powergen’s participation in the joint venture is an expression of Meralco’s long-term vision to be a regional player in the power industry,†said Meralco chairman Manuel Pangilinan. – Jerome Morales