Ignite Power eyes Mindanao development after SOCOTECO II vote

Ignite Power and Energy Holdings Inc. is eyeing a wider foothold in Mindanao’s electricity distribution sector after securing overwhelming support for its proposed joint venture with South Cotabato II Electric Cooperative (SOCOTECO II).

The Primelectric subsidiary said Monday it is now looking to bring its power distribution modernization strategy to General Santos City, Sarangani, and South Cotabato, where unreliable electricity and aging infrastructure have raised concerns over business operations and investment prospects.

The cooperative’s Overall Plebiscite Committee proclaimed the final results on Sunday, with 137,978 member-consumer-owners backing the conditional joint venture agreement, against just 4,811 who opposed it.

The affirmative votes represented 60.91 percent of the cooperative’s 226,534 eligible voters, with 142,789 valid votes cast during four rounds of voting from September to October.

Primelectric president and CEO Roel Z. Castro said the vote allows the company to tackle the cooperative’s longstanding financial and operational problems.