Iloilo-based distribution utility (DU) MORE Power said is preparing as much as P4 billion investment under a planned joint venture agreement (JVA) with the Central Negros Electric Cooperative (Ceneco).
The investment will help improve the services of Ceneco. The JVA is between Primelectric Holdings Inc., an affiliate company of MORE Power and Ceneco.
Roel Castro, Primelectric president and chief executive officer, told reporters at the sidelines of an energy forum hosted by the Embassy of Sweden in Taguig City on Tuesday the JVA was signed last Saturday but will need to undergo a referendum with member-consumers of the power cooperative.
“…we will go through the referendum this June 24 and 25 and July 1 and 2. Hopefully, we will get the majority out of the 207,000 members of good standing at Ceneco,” Castro said.
Castro added from the P4 billion, 50 percent will be for acquisition and working capital while the other half will be for capital expenditure.
The National Electrification Administration will have to certify the JVA which will eventually apply for new franchise.
