Energy Development Corp. is buying an initial 25 percent into a joint venture that will build a total of 220 megawatts in combined power plant capacities in Indonesia.
Francis Giles B. Puno, First Philippine Holdings Corp. chief finance officer, told reporters at the sidelines of the annual stockholders meeting of FPHC that EDC expects to close the deal by the second half of the year. He did not reveal the name of the joint venture.
“We will initially have minority interest in the joint venture, but we will have management control,” said Puno. He said EDC, a unit of FPHC, plans to raise its holdings in the joint venture and eventually end up with majority ownership and management control.