DMCI ties up with Singapore firm for power ventures - By Donnabelle L. Gatdula

To support its power-related ventures, DMCI Power Corp. has tied up with Singapore-based Asia Energy Development Co. Pte. Ltd. (AED).

In a disclosure to the Philippine Stock Exchange, DMCI Holdings Corp., the parent firm of DMCI Power, said the joint venture agreement between DMCI Power and AED was signed last Tuesday.

AED is established by Argosy Partners Inc., a private equity firm investing in energy-related businesses in the Philippines and other Southeast Asian countries.

Under the deal, the two parties will form a 50-50 joint venture corporation, DMCI Asia Energy Power Corp. (DMCI Asia), which will specifically engage in the development, construction, financing, operation, and maintenance of power generation plants and facilities in the Philippines.

Over the past few years, DMCI has been actively participating in the power industry sector. It took part in the bidding for the 600-megawatt Calaca power plant and signified keen interest in bidding for other power plants of the National Power Corp. (Napocor)

DMCI, controlled by the Consunji family, is primarily engaged in coal mining, general construction, infrastructure and real estate development, and cement manufacturing.

DMCi was originally formed to provide general construction services such as production and trading of concrete products and electrical and foundation works.

At present, DMCI’s general construction business is conducted through its wholly-owned subsidiary, D.M. Consunji Inc. and affiliate Atlantic Gulf and Pacific Co. (AG&P).

Meanwhile, the real estate and infrastructure project development activities are principally conducted through DMCI Project Developers Inc., (PDI), another wholly-owned subsidiary.

The group has also expanded its business portfolio to engage in the mining and exploration business through its subsidiary, Semirara Mining Corp.

The Consunji-led firm also recenty won the bidding for an off-grid small power utilities group (SPUG) in Masbate.

DMCI is reportedly being tapped by the Lopez-owned First Gen Corp. for a possible partnership in putting up a 100-MW clean coal power facility in Panay Island.