MANILA - The Manila Electric Co. (Meralco) on Friday said the Meralco-Marubeni Consortium has signed a joint venture agreement with the Bases Conversion and Development Authority (BCDA) for the power distribution system at New Clark City in Tarlac.
In a disclosure to the stock exchange, Meralco said the joint venture signed last April 3 would be for the financing, design, engineering, establishment, construction, development, operations and maintenance of the electric power distribution system in New Clark City for 25 years.
New Clark City will serve as the venue for the country's hosting of the Southeast Asian Games in November.
The Meralco-Marubeni consortium is composed of Meralco, Marubeni Corp. and Japanese electric power distributors Kansai Electric Power Co. Inc. and Chubu Electric Power Co. Inc., the statement said.
"The transaction is an opportunity for Meralco to participate in the development of New Clark City and generate additional revenues in the operation of its electric distribution system there," the statement said.
The deal is subject to regulatory approvals, Meralco said.
The BCDA is engaged in public-private partnerships for public infrastructure such as tollways, airports, sea ports and real estate developments while Marubeni Corp. has interests in food, energy, metal, and transportation, among others, Meralco said.