Saturday , February 16 2019 9:46 am
Home / Business / MiDA Picks Meralco As ECG Managers

MiDA Picks Meralco As ECG Managers

The Millennium Development Authority (MiDA) has announced that Meralco Consortium has been selected to manage the Electricity Company of Ghana (ECG).

“The Meralco Consortium was determined to have the highest combined technical and financial score and has therefore been designated as the Preferred Bidder,” MiDA said in a statement.

Meralco Consortium, which is led by the Manila Electricity Company (Meralco), is an incorporated company in the Philippines, operating over the last 115 years.

“Its electricity distribution network covers a third of the Philippines and serves a customer population (Accounts) in excess of six million,” the MiDA statement signed by Director of Communication and Outreach Pamela Djamson-Tettey noted.

MiDA stated it will soon start finalising the agreements related to the implementation of the ECG PSP Transaction.

Ahead of the announcement, CH Group pulled out of the bidding process leaving BXC Company Limited and Meralco Consortium.

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

By: Starrfmonline.com

Check Also

Finance Professionals Need To ‘Tech-Up’ In 3 Years – Study

A study released by the Chartered Institute of Management Accountants (CIMA) indicates that most finance teams and professionals are not evolving their skills fast enough to account for the impact of artificial intelligence, robotic process automation and other technologies.

Joint Taskforce Arrests Smuggled Petroleum Products

A total of 28 Bulk Road Vehicles (BRVs), six canoes, four mobile pumps and five outboard motors carrying 709,250 litres of illegally smuggled petroleum products with taxes and levies value of GHc1,150,186 have been confiscated

PURC To Announce New Electricity Tariffs Mid Of February

Citi Business News has gathered that the delay in the announcement of new electricity tariffs by the Public Utilities Regulatory Commission (PURC) on 1st of February, was as a result of the delayed takeover of the Electricity Company of Ghana (ECG) by the Power Distribution Services (PDS) Ghana Limited, as well as ongoing consultations on tariff charges among stakeholders within the power sector.

Leave a Reply

%d bloggers like this: