Philippines company takes over Electricity Company of Ghana, plans to invest $580m
The Millennium Development Authority has announced the handing-over of the Electricity Company of Ghana to Meralco Consortium under the Private Sector Participation of the Power Compact II Agreement would come off on February 1.
Millennium Development Authority awarded the operations, investment and management of Electricity Company of Ghana to Meralco Consortium in April 2018 following completion of the international competitive procurement process and evaluation of the proposals received for the ECG Concession.
The Meralco Consortium is led by the Manila Electricity Company of the Philippines, which covers a third of the Philippines and served a customer population in excess of six million, as reported by Graphic Online. Hence, new reports are claiming that the company based in the Philippines is likely to invest a huge amount of around USD 580 million into the operations of the power distribution business.
According to CEO of Millennium Development Authority, Martin Eson-Benjamin, all the interested parties and three agreements to the contract have been signed, while Parliament has also approved the deal.