Manila Electric Co. (Meralco) is firming up its entry into hydropower sector after it forged a partnership with Blue Energy Holdings and Management Corp., a company owned by the Tiu family.

Meralco disclosed yesterday it signed a joint venture (JV) agreement and shareholders’ agreement with Blue Energy.

Under the JV deal, both companies will put a JV company to pursue the development of hydroelectric power projects.

Meanwhile, under the shareholders’ agreement, Meralco will subscribe to 3.12 million shares of the JV firm for a total consideration of P3.12 million.

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