Marubeni consortium gets OK to supply power for Philippines project
MANILA, NNA - A consortium of Manila Electric Co. and its three Japanese partners, including trader Marubeni Corp., has received approval to supply power for the Philippines' first “smart city,” planned to be developed at a former U.S. military base.
The antitrust body Philippine Competition Commission said in a statement Thursday, the launch of a joint venture by the consortium for the project is “not likely to result in a substantial lessening of competition in the retail electricity supply market.”
The envisioned joint venture seeks to supply electricity for at least 25 years in a planned city at the Clark Special Economic Zone in Pampanga Province, some 120 kilometers northwest of Manila.
The smart city's opening schedule is still undecided.
Japanese utilities Kansai Electric Power Co. and Chubu Electric Power Co. will hold a 90 percent stake in the planned firm, while the Philippine government-owned Bases Conversion and Development Authority will own the rest.
The private-public joint venture also aims to supply electricity to firms operating in the economic zone. (NNA/Kyodo)