Business World Online
Posted on June 29, 2011 10:33:19 PM
AYALA-LED AC Energy Holdings, Inc. has formed a joint venture with Trans-Asia Oil and Energy Development Corp. to build a P12-billion,135-megawatt (MW) power plant in Batangas that can run on coal and other fuel, a disclosure to the local bourse yesterday showed.
Construction will start in September, marking yet another foray by Ayala Corp. into the energy business in line with plans to build a 1,000-MW portfolio of power generating assets.
AC Energy and Trans-Asia will hold equal control over the new venture dubbed South Luzon Thermal Energy Corp.
The new company will have P200 million in capital upon incorporation, according to the disclosure.
The plant, whose construction will be funded by both borrowings and equity, is expected to begin operations by 2014.
Ayala described the plant as a “circulating fluidized bed,” which can reportedly use coal and biomass, according to earlier reports.
Before this, the Ayala unit had acquired a 50% stake for roughly P500 million in NorthWind Power Development Corp., which owns and operates the 30-MW Bangui wind farm in Ilocos Norte.
The facility, the first commercial wind farm in Southeast Asia, features 20 turbines.
It then went on to infuse an initial amount of P600 million into a joint venture with Sta. Clara Power Corp. for the development of run-of-the-river hydroelectric power projects across the Philippines.
Sta. Clara Power’s current projects include the 1.2-MW Loboc hydro power facility in Bohol and the 0.8-MW Amlan hydro power plant in Negros Oriental.
Trans-Asia, for its part, is the power arm of PHINMA, Inc.
It holds participating interests in several oil and gas exploration projects in addition to its power generation portfolio.
“This project is part of our strategy to build a portfolio of power generation assets that combines conventional and renewable energy sources,”said Ayala President and Chief Operating Officer Fernando Zobel de Ayala in a separate statement.
“This project will help contribute to building the much needed base load capacity to meet the growing demand for power in Luzon,” he said.
The Batangas plant comes “simultaneous to our efforts to contribute in the development of alternative energy sources,” the executive added.
Ayala’s profits for the first quarter rose 16% to P2.45 billion from P2.11 billion.
Trans-Asia, for its part, posted an income of P47 million in the first quarter from a loss of P39.6 million recorded in the same period last year.
Shares in Trans-Asia closed at P1.05, down 0.94% from P1.06 apiece.
Shares in Ayala closed at P378.20, down 1.36% from its previous close. -- ENJD
AC Energy and Trans-Asia will hold equal control over the new venture dubbed South Luzon Thermal Energy Corp.
The new company will have P200 million in capital upon incorporation, according to the disclosure.
The plant, whose construction will be funded by both borrowings and equity, is expected to begin operations by 2014.
Ayala described the plant as a “circulating fluidized bed,” which can reportedly use coal and biomass, according to earlier reports.
Before this, the Ayala unit had acquired a 50% stake for roughly P500 million in NorthWind Power Development Corp., which owns and operates the 30-MW Bangui wind farm in Ilocos Norte.
The facility, the first commercial wind farm in Southeast Asia, features 20 turbines.
It then went on to infuse an initial amount of P600 million into a joint venture with Sta. Clara Power Corp. for the development of run-of-the-river hydroelectric power projects across the Philippines.
Sta. Clara Power’s current projects include the 1.2-MW Loboc hydro power facility in Bohol and the 0.8-MW Amlan hydro power plant in Negros Oriental.
Trans-Asia, for its part, is the power arm of PHINMA, Inc.
It holds participating interests in several oil and gas exploration projects in addition to its power generation portfolio.
“This project is part of our strategy to build a portfolio of power generation assets that combines conventional and renewable energy sources,”said Ayala President and Chief Operating Officer Fernando Zobel de Ayala in a separate statement.
“This project will help contribute to building the much needed base load capacity to meet the growing demand for power in Luzon,” he said.
The Batangas plant comes “simultaneous to our efforts to contribute in the development of alternative energy sources,” the executive added.
Ayala’s profits for the first quarter rose 16% to P2.45 billion from P2.11 billion.
Trans-Asia, for its part, posted an income of P47 million in the first quarter from a loss of P39.6 million recorded in the same period last year.
Shares in Trans-Asia closed at P1.05, down 0.94% from P1.06 apiece.
Shares in Ayala closed at P378.20, down 1.36% from its previous close. -- ENJD
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