Money
Negros Power sets aside P2.1B for modernization as Primelectric-CENECO joint venture grows
Tycoon Enrique Razon Jr.’s Negros Electric and Power Corp., the power distributor in central Negros Occidental, said on Wednesday that it has set aside P2.1 billion for a modernization program as the joint venture firm r
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Tycoon Enrique Razon Jr.’s Negros Electric and Power Corp., the power distributor in central Negros Occidental, said on Wednesday that it has set aside P2.1 billion for a modernization program as the joint venture firm running the province’s distribution network enters its second year.
Negros Power is a joint venture between Primelectric Holdings Inc. and the Central Negros Electric Cooperative (CENECO).
In a news release, Negros Power said it has so far invested more than P1.2 billion in its P2.1-billion modernization program, two years into the CENECO-Primelectric partnership.
To recall, in 2023, Primelectric proposed the partnership with CENECO as the electric cooperative faced financial and operational challenges.