Meralco units sign deals

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The Manila Electric Co. (Meralco) through its subsidiaries has entered into a number of supply and generation agreements.

Retail electricity supply arm MPower has secured the deal to supply a total of 100 megawatts (MW) of renewable energy (RE) to Alliance Global Group Inc. (AGI) through its companies Megaworld and Newport World Resorts operator, Travellers International Hotels.

MPower recently signed retail supply contracts with AGI’s businesses, allowing the property developer’s hotels, resorts and real estate projects to use RE for their operations.

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Kevin Andrew Tan, AGI chief executive officer, said the partnership also brings AGI closer to its target to source 100 percent of its power requirements from RE by 2025.

Meralco PowerGen Corp., and Aboitiz-led Therma NatGas Power Inc. (TNGP) have jointly entered into an investment agreement to acquire equity interest in Chromite Gas Holdings Inc. (CGHI).

MGen said in a disclosure to the Philippine Stock Exchange yesterday it will acquire 60 percent interest in CGHI while TNGP will acquire the balance of 40 percent.

CGHI intends to invest in two gas-fired power plants owned by San Miguel Global Power Holdings Corp. (SMGP), including the 1,278 MW Ilijan power plant and a new 1,320 MW combined cycle power facility that is currently under construction.

Together with SMGP, CGHI will also invest in the liquefied natural gas import and regasification terminal owned by Linseed Field Corp.– Jed Macapagal

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