Razon-Pacquiao power venture wins SOCOTECO II backing
IGNITE Power is an energy joint venture between Enrique Razon Jr.’s Primelectric Holdings Inc. and Manny Pacquiao’s MP Holdings.
DAILY TRIBUNE images
IGNITE Power is an energy joint venture between Enrique Razon Jr.’s Primelectric Holdings Inc. and Manny Pacquiao’s MP Holdings.
DAILY TRIBUNE images
More than 32,000 member-consumer-owners (MCOs) of South Cotabato II Electric Cooperative (SOCOTECO II) support a proposed joint venture with IGNITE Power, bringing the Razon-Pacquiao-led firm closer to investing in the cooperative’s distribution network.
The endorsement, secured during SOCOTECO II’s 43rd Annual General Membership Assembly on Saturday, advances the proposed conditional joint venture agreement (CJVA), which seeks to attract private capital to rehabilitate and modernize the utility’s aging power distribution system.
The deal, however, still requires approval through a plebiscite among cooperative members and the issuance of guidelines by the National Electrification Administration (NEA).
The assembly also ratified a board resolution authorizing SOCOTECO II to enter into the CJVA with IGNITE Power.
In a statement on Sunday, SOCOTECO II Board president Elenito Senit confirmed signing the CJVA with IGNITE Power on 23 July after receiving authority from the cooperative’s Board of Directors.
He said the agreement would help address SOCOTECO II’s long-standing financial and technical challenges by securing investments needed to rehabilitate, expand, and modernize its power distribution facilities, improve service reliability, and strengthen the cooperative’s long-term financial viability.
Under the proposed joint venture, IGNITE Power will infuse fresh capital to rehabilitate aging distribution facilities serving General Santos City, Sarangani Province, and nearby areas.
The MCOs also approved a separate resolution calling for the immediate conduct of a plebiscite, where members will vote on the proposed partnership before it becomes final and executory.
Another resolution expressed overwhelming support for the agreement, citing the need for substantial private-sector investment to improve the quality of electric service across SOCOTECO II’s franchise area.
Senit also directed the cooperative’s Institutional Services Department to immediately roll out a comprehensive information, education and communications campaign to ensure members fully understand the agreement’s provisions, benefits, obligations and long-term implications ahead of the plebiscite.
He said SOCOTECO II would first coordinate with the NEA and await the issuance of guidelines before finalizing the schedule and mechanics of the vote.
