Metro Pacific says unit Beacon to invest in Meralco power-generation projects

Beacon Asset Holdings Inc., which now owns 48.2 percent of Manila Electric Co. (Meralco), will strengthen the utility’s distribution capability by investing in power-generation projects.   It will also arrange for a P5-billion corporate notes facility with First Metro Investment Corporation and PNB Capital and Investment Corporation.   “This is the completion of our journey, and we're preparing ourselves to achieve excellence in our distribution capability, invest in new power-generation projects and get ready for the government's open access regime,” David Nicol, Metro Pacific Investments Corp.’s chief financial officer, told GMA News Online.   Metro Pacific and PLDT Communications and Energy Ventures Inc. are the owners of Beacon Assets.   Nicol said Meralco will first invest in coal-fired power plants and in other fuel sources later on. “We're targeting 2,500 megawatts in the next few years to bring sufficient power to consumers and reduce power-generation cost.”   He said coal-fired facilities, using clean-coal technology, are the quickest power-generation projects to bring on-stream.   Nicol said Meralco is also preparing to supply consumers with electricity when the government's open access starts later this year. The open access regime allows other sellers of electricity to compete in the market.   Beacon bought 30 million Meralco common shares, equivalent to 2.66% stake in the power utility, increasing its shareholdings in Meralco from 45.36 percent to 48.2 percent. — VS, GMA News