Meralco and FPC’s JV completes acquisition of Singapore-based LNG plant

Philippines-based power distribution company Manila Electric Company (Meralco) and Hong Kong-based First Pacific Company (FPC) have concluded their 70 per cent equity acquisition of GMR’s 800 MW LNG-fired power plant in Singapore before the March 31 deadline. The two companies have invested $488 million in the acquisition through their newly constituted 60-40 JV, FPM Power Holdings.