MORE Electric and Power Corp. or MORE Power is looking to invest around P4 billion to modernize Central Negros Electric Cooperative, Inc. (Ceneco), its top official said.
Roel Z. Castro, president and chief executive officer of MORE Power, said the company through Primelectric Holdings, Inc. signed a joint venture agreement with Ceneco.
“We signed the [agreement] with Ceneco last Saturday although that will still undergo a referendum,” Mr. Castro told reporters on the sidelines of an energy forum on Tuesday.
He said MORE Power will spend P2 billion for the asset purchase and another P2 billion for capital expenditure to modernize the power distributor.
He said under the guidelines of the National Electrification Administration, any asset disposition needs a majority vote from members in good standing.
“Hopefully, we will get the majority out of the 207,000 members of good standing [of] Ceneco,” Mr. Castro said.
In an earlier statement, MORE Power said its affiliate Primelectric had gained “unwavering support” for the proposed partnership with Ceneco as it is expected to “significantly improve the electricity supply and distribution services” in the area.
In March, MORE Power said it had fully energized its 30/36-megavolt-ampere New Megaworld substation in Iloilo City, which it said will provide reliable and cost-efficient power distribution service to Iloilo City. — Ashley Erika O. Jose