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Meralco-Marubeni deal to power up New Clark City cleared by Philippine competition regulator

( July 3, 2019, 03:27 GMT | Official Statement) -- MLex Summary: A consortium led by Japanese conglomerate Marubeni and Philippine power distributor Manila Electric Co, or Meralco, has received antitrust clearance for its proposed joint venture with the government-owned Bases Conversion and Development Authority, or BCDA, to develop a power distribution system in New Clark City, a new development north of Manila. The joint venture, which will distribute power to the host of locations and facilities in New Clark City for an initial period of 25 years, will be 90 percent owned by the consortium and 10 percent by the BCDA. Aside from Meralco and Marubeni, the consortium includes Japanese power distributors Kansai Electric Power and Chubu Electric Power.The commission's statement follows and the decision is attached....

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