“If San Miguel is prepared to sell, we’re prepared to take a look at it,” Manila Electric Chairman Manuel Pangilinan said in an interview in Manila today. Manila Electric, also known as Meralco, is looking to return to generation after a four-decade hiatus, with plans to supply as much as 30 percent of demand on the Philippines’ main island of Luzon. San Miguel, a shareholder of Meralco, wants to raise about $4 billion by selling power assets to help fund its expansion into industries and infrastructure, President Ramon Ang said in an interview on July 12. Meralco is particularly interested in San Miguel’s 1,200-megawatt coal-fired Sual power plant and its 345-megawatt San Roque hydroelectric plant, said Pangilinan. Both are in Luzon where the company is based. Meralco serves a quarter of the Philippines’ population in an area that accounts for half of gross domestic product.
Posted on: Wed, 07 Aug 2013 20:30:21 +0000
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