The Meralco-Marubeni consortium and the Bases Conversion and Development Authority (BCDA) have signed a joint venture deal for the power distribution system in the New Clark City.
In a disclosure to the Philippine Stock Exchange on Thursday, Meralco said that under the joint venture agreement, the consortium shall “pursue and undertake the financing, design and engineering, establishment, construction, development, and operation and maintenance of the electric power distribution system in New Clark City.”
The Meralco-Marubeni consortium—composed of Meralco, Japanese partner Marubeni Corporation, and Japanese firms The Kansai Electric Power Co. Inc., and CHUBU Electric Power Co., Inc.—will have have an equity stake equivalent to 90 percent in a joint venture company to be formed with the BCDA.
Meralco owns 60 percent equity stake in the consortium.
BCDA awarded the Meralco-Marubeni consortium the contract for the power distribution system in New Clark City in January after it submitted the lowest tariff bid of P0.6188 per kilowatt hour, besting the P0.9888/kwh proposal by the Aboitiz-KEPCO Consortium of the Olongapo Energy Corp. and KEPCO Philippines Holdings Inc.
New Clark City—located within the Clark special economic zone spanning Angeles City in Pampanga and the towns of Capas and Bamban in Tarlac—will have the first completely smart power grid in the country.
Supported by state-of-the-art facilities comparable with other smart cities throughout the world, the New Clark City smart grid also has better reliability standards.
Locators can likewise enjoy access to real-time information from the distribution utility, allowing them to manage their electricity consumption more effectively, the BCDA said earlier.
Growth in industrial consumption of electricity is recognized as an instantaneous indicator of a country’s economic progress
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Phase 1 of the New Clark City development includes the construction of the National Government Administrative Center (NGAC), and the world-class sports facilities to be used for the Philippines’ hosting of the Southeast Asian Games in 2019.