Iloilo City-based MORE Power is prepared to spend as much as P4 billion in a proposed joint venture with Central Negros Electric Cooperative (Ceneco) should the plan obtain approval from Bacolod City’s power cooperative member-consumers.
This was made plain by MORE Power affiliate Primelectric Holdings Inc. whose president and CEO, Roel Castro, said the proposal requires approval by referendum of Ceneco electric cooperative member-consumers.
National Electrification Administration (NEA) guidelines require majority approval and hopefully gets it from its 207,000 strong membership base in a series of referenda set for this month and next, Castro said.
Billionaire Enrique Razon’s Iloilo distribution unit is prepared to spend P2 billion to acquire the Bacolod City electric cooperative and the other P2 billion as capital expenditure.
