A Philippines owned Electricity Company, Meralco Consortium has been selected by the Millennium Development Authority (MiDA) to manage ECG following an international competitive procurement process.
In a statement, MiDA said the evaluation of the proposals received for the management of electricity distribution business of the Electricity Company of Ghana (ECG) has been completed.
It stated further that Meralco Consortium was determined to have the highest combined technical and financial score and has therefore been designated as the Preferred Bidder.
Meralco Consortium is led by the Manila Electricity Company (Meralco), a 115 year old privately owned company incorporated in the Philippines.
Its electricity distribution network covers a third of the Philippines and serves a customer population in excess of six million.
MIDA says negotiations will soon commence to finalize all the agreements related to the implementation of the ECG PSP Transaction.
Per the compact, the Millennium Challenge Corporation is expected to inject about US$418 million into ECG, whiles Meralco will invest about US$500 million.