Business Mirror
Published on Tuesday, 14 May 2013 19:45 Written by Lenie Lectura / Reporter
AYALA Corp.’s energy unit, AC Energy Holdings Inc. (ACEHI), on Tuesday announced the sale of its entire 40-percent stake in Palm Concepcion Power Corp. (PCPC) and Panay Consolidated Land Holdings Corp. (PCLHC).
The sale was made to Palm Thermal Consolidated Holdings Corp. (PTCH), a wholly owned unit of A Brown Co. Inc.
“The sale by AC Energy is a result of its strategic decision to focus on other power projects imminent in its development pipeline,” said AC Energy Managing Director John Eric Francia.
AC Energy is in partnership with A Brown for the construction of a 135-megawatt (MW) power plant in Iloilo. Now that it has decided to sell its 40-percent interest in the companies, AC Energy will no longer be involved in the said project.
“The sale by AC Energy of its 40-percent interest in PCPC and the land holding company of the project PCLHC is a result of ACEHI’s strategic decision to focus on its other existing power projects imminent in its development pipeline. In light of this development, PTCHC has taken the opportunity to acquire the entire stake of AC Energy,” said A Brown Chief Finance Officer Rosa Anna Duavit-Santiago in a separate disclosure to the stock exchange.
AC Energy will be paid its original investment in PCPC and PCLHC, although the amount was not disclosed.
The groundbreaking of the said power facility, a P12.5-billion circulating fluidized bed thermal coal-fired power plant, was undertaken early this year. The plant is expected to be operational by 2015.
PCPC and PCLHC will continue to pursue the power plant project, as scheduled, added A Brown.
AC Energy has two ongoing projects. Its South Luzon Thermal Energy Corp.,which is a partnership with Trans-Asia Oil and Development Co. of the Phinma Group, is currently building a two-unit 135-MW CFB thermal facility in Calaca, Batangas.
The company also holds a 50-percent stake in Northwind Development Corp., which operates the Bangui Bay Wind Project in Ilocos Norte. The facility currently has 20 turbines with a total generation capacity of 33 MW.
AC Energy is also planning to shell out $50 million for mini-hydropower projects in its Santa Clara Power portfolio, starting with an 11-MW plant in Ifugao. source
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