Meralco to invest US$5 billion on expansion

Says projects will improve its distribution network.

Manila Electric Company of Meralco, the Philippines’ largest power distributor, will also invest to develop a large power generation portfolio to ensure efficient supply, said President Oscar Reyes.

“The capital expenditures is P65 billion (US$1.6 billion) for the distribution utility business. For 2013 alone, it will be close to P13 billion (US$320 million),” Reyes said.

Meralco will invest US$737 million for its expansion into the power generation business million as its equity investment for numerous power projects from 2013 to 2019.

Reyes said total project cost of the power generation projects is estimated at $4.5 billion that will mainly be funded through debt financing.