The Manila Electric Co. (Meralco) on Monday clarified that no definite agreement has yet been reached DM Consunji Inc. (DMCI) and Marubeni Corp. a power plant in Batangas.
In a disclosure to the Philippine Stock Exchange (PSE), Meralco noted that, “We would like to confirm that Meralco is in preliminary discussion with DMCI and Marubeni to build a 2×350 MW power plant in Batangas province with the clarification that no definitive agreements have been made between the parties. We will apprise the exchange for any development in this matter.”
It has been reported that DMCI Holdings Inc., the listed holding company of the Consunji family, us building with its Japanese partner a 700-MW coal-fired power plant in Batangas.
DMCI chairman and president Isidro Consunji said his company was in preliminary discussions with the two groups. Any agreement will likely be made within the year.
Initial talks point to DMCI and Meralco owning 40 percent each in a consortium that will build and operate the power plant, with Marubeni owning 20 percent.
The project covers the second phase of the planned expansion of the Calaca coal-fired facility.
Herbert Consunji, DMCI chief fiancial officer, said that company is in talks with a number of entities for possible joint ventures. These entities include, but are not limited to, Marubeni and Meralco.