Bilyonaryo - Business

Powering Negros’ economic surge: Ricky Razon’s Primelectric joins forces with CENECO in P4 billion joint venture

June 8, 2023

Bilyonaryo.com

Primelectric Holdings Inc., an affiliate company of ultra bilyonaryo Enrique K. Razon Jr.’s MORE Electric and Power Corp., has signed a joint venture agreement with Central Negros Electric Cooperative.

The Razon group has set its sights on infusing over P4 billion into the joint venture known as Negros Electric and Power Corp.

Primeelectric president Roel Castro said the acquisition cost is nearly P2 billion while the additional P2.2 billion in working capital will be required to support the operations of the distribution utility.

Castro is hoping the JVA will get the approval of member-consumers during the referendum on June 24 and June 25.

“Hopefully, we will get the majority out of the 207,000 members of good standing ng CENECO,” Castro said.

Castro said MORE believes in the immense potential of CENECO and its ability to contribute to the economic development of Negros.

He emphasized the successful track record of MORE, citing notable achievements such as the reduction of system losses, expansion of the customer base, and increased distribution capacity, which have collectively fueled an economic boom in Iloilo City.

Related News Tags: Central Negros Electric Cooperative, joint venture, More Electric and Power Corp., Primelectric Holdings Inc., Ricky Razon

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