By Alena Mae S. Flores Posted on May 15, 2013 at 12:02am
Ayala Corp. said Tuesday unit AC Energy Holdings Inc. sold its entire 40-percent stake in a coal power plant in Iloilo province to a joint venture partner, as the conglomerate focuses on other energy projects that are about to start construction.
AC Energy sold its interest in 135-megawatt coal-fired power plant to Palm Thermal Consolidated Holdings Corp., a wholly- owned subsidiary of A Brown Company Inc.
Ayala and A Brown issued separate disclosures to the stock exchange, but did not give further details except that the Ayala Group wanted “to focus on its other existing power projects imminent in its development pipeline.”
The Ayala Group is developing hydro projects with Sta. Clara Power Development Corp., wind projects with NorthWind Power Development Corp. and coal projects with Trans-Asia Oil and Energy Development Corp. and GN Power Ltd.
The sale included AC Energy’s 40-percent interest in Palm Concepcion Power Corp. and Panay Consolidated Land Holdings Corp., which own the project and the site.
Ayala managing director John Eric Francia said AC Energy would be paid its original investment in Palm Concepcion and Panay Consolidated Land.
“In light of this development, PTCHC has taken the opportunity to acquire the entire stake of ACEHI,” A Brown said.
A Brown said unit Palm Concepcion and Panay Consolidated Land “will continue to pursue the power plant project, as scheduled.” The project, located in Concepcion, Iloilo, is scheduled for completion by 2015 or 2016.
A Brown will now own 70 percent of the coal project while Jin Navitas Resource Inc., controlled by Jacinto Ng Jr. of the Rebisco Group, will hold the balance of 30 percent.
The Ayala Group and Jin Navitas executed a shareholders’ agreement in November last year.
The parties held the groundbreaking for the P12.5-billion power project early this year. Palm Concepcion earlier signed a coal supply contract with PT. Pevensey Indonesia in order to secure the coal supply requirements of the power plant.
SNC-Lavalin, a leading Canadian-American company, was appointed the project owner’s engineer and manager.
NLSC—the consortium of First Northeast Electric Power Engineering Corp. of China, Liaoning Electric Power Survey & Design Institute and Shenyang Electric Power Design Institute Co., Ltd.—is the project’s preferred engineering, procurement and construction contractor.
NLSC has over 100 years of combined EPC work experience for thermal power plants. The group has constructed and managed international projects in Asia, South America and Europe.
The project received full support from local business leaders and provincial, municipal and barangay officials as the new Concepcion plant is expected to help the region achieve its development growth targets. source
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