By Lenie Lectura – April 5, 2019
from Business Mirror
THE Manila Electric Co. (Meralco) and its partners signed an agreement with the Bases Conversion and Development Authority (BCDA) for power distribution in New Clark City.
“The Meralco Marubeni Corp.—comprised of Meralco, Marubeni Corp., Kansai Electric Power Co. Inc. and Chubu Electric Power Co. Inc.—signed a joint-venture agreement [JVA] with the BCDA,” the utility firm said on Thursday.
Meralco owns a 60-percent equity stake in the consortium.
Under the JVA, the consortium will put up a special purpose company that will have equity stake equivalent to 90 percent in a joint-venture company to be formed with the BCDA. The JVC will then pursue and undertake the financing, design, ad engineering, establishment, construction, development, and operation and maintenance of the electric power-distribution system in New Clark City.
Rogelio Singson, president of MeralcoPowerGen Corp., the power-generation arm of Meralco, said last month that it will provide 10 megawatts to 14 MW of power to New Clark City by June or July this year.
“How the power will be connected is the responsibility of the BCDA. We’re helping them out in terms of specifications, so when it is eventually turned over to Meralco, it is acceptable,” said Singson.
The 9,450-hectare New Clark City, located within the Clark special economic zone that spans Angeles City in Pampanga and the towns of Capas and Bamban in Tarlac, is the country’s first smart, disaster resilient and sustainable city.
The first phase of the development covering 60 hectares features the National Government Administrative Center that will house backup offices of various government agencies and a world-class sports complex now being constructed in time for the 2019 Southeast Asian (SEA) Games.
The new metropolis will also have mixed-use residential, commercial, agro-industrial, educational institutions and information-technology developments.