Business / Corporate

Marubeni consortium gets OK to power Philippines 'smart city' project

Nna/kyodo

A consortium involving Manila Electric Co. and three Japanese companies including trading house Marubeni Corp. has received approval to power the Philippines’ first “smart city,” which is to be developed at a former U.S. military base.

The power will apparently be supplied by a private-public joint venture to be 90 percent owned by Kansai Electric Power Co. and Chubu Electric Power Co. The rest will be held by the Bases Conversion and Development Authority, which is owned by the Philippine government.

In a statement Thursday, the antitrust Philippine Competition Commission said the consortium’s launch of the venture is “not likely to result in a substantial lessening of competition in the retail electricity supply market.”

The venture plans to supply electricity to the new city, to be built in the Clark Special Economic Zone in Pampanga Province, about 120 km northwest of Manila, for at least 25 years. It also aims to supply power to companies operating in the zone.

The opening date for the city has not been undecided.