Manila Electric Co. (Meralco) consortium, Filipino electric power distribution company, plans to invest about $580 million in the operations of Electricity Company of Ghana Ltd. (ECG), power distribution business firm.

Meralco consortium said that it won a takeover bid for ECG, which will close on February 1, 2019, and is now the major shareholder in PDS Ghana Limited.

ECG will use the funds to expand its operations as well as construct a new bulk station in Pokuase, a suburb of Accra.

As part of the deal, Meralco consortium will change the name of the assets and operations of ECG to Power Distribution Services (PDS) Ghana Ltd.