MiDA selects Philippines Electricity Company to manage ECG

The Millennium Development Authority (MiDA) has selected Meralco Consortium to manage the Electricity Company of Ghana [ECG] under the power compact two agreement.

Meralco Consortium is led by the Manila Electricity Company from the Philippines.

A statement from MiDA said Meralco Consortium is known to have the highest combined technical and financial score, and has therefore been designated as the Preferred Bidder.

The company is said to have distribution network which covers a third of the Philippines and serves a customer population in excess of six million. It will be recalled that CH Group recently pulled out of the list of bidders leaving BXC Company Limited and Meralco Consortium.

Negotiations will soon commence to finalize all the agreements related to the implementation of the ECG PSP Transaction.

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Per the compact, the Millennium Challenge Corporation is expected to inject about 418 million dollars into ECG, whiles Meralco will invest about 500 million dollars.