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MANILA, Philippines - Ayala Corp. (AC) and Phinma – two of the country’s largest conglomerates – have teamed up to jointly build a 135-megawatt power plant in Calaca, Batangas worth around P12 billion to take advantage of the anticipated strong demand for electricity in Luzon in the near term.
In a disclosure to the Philippine Stock Exchange, AC said the project, which will be undertaken by AC Energy (formerly Michigan Power Inc.) and Phinma’s energy arm Trans-Asia Oil & Energy Development Corp., will employ the environment-friendly fluidized-bed boiler technology when it comes on stream by mid-2014.
AC said the project, which will be owned 50-50 by the two powerhouse companies, will be financed by a combination of debt and equity.
“This project is part of our strategy to build a portfolio of power generation assets that combines conventional and renewable energy sources. This project will help contribute to building the much needed base load capacity to meet the growing demand for power in Luzon. This is simultaneous to our efforts to contribute in the development of alternative energy sources,” Fernando Zobel de Ayala, president and chief operating officer of AC.
Phinma president and Trans-Asia vice-chairman Ramon R. Del Rosario Jr., for his part, said: “We are glad to be partnering with the Ayala Group in this joint venture project. We look forward to leveraging each other’s strengths in developing and running a modern and environment-friendly facility that will contribute to the country’s power supply generation through conventional source using clean technology.”
AC, through AC Energy, recently formed several joint venture agreements to develop solar and mini-hydro power projects across various sites in the country. It also recently acquired a 50 percent stake in Northwind Power that operates the wind farm in Bangui, Ilocos Norte.
AC Energy also forged a joint venture with Sta. Clara Power Corp. , an independent power producer that focuses on the run-of-the river hydroelectric plants. It will take a 70 percent stake in the joint venture and shell out an initial P600 million to develop hydroelectric power projects across the country.
Run-of-the-river hydroelectric power plant operation involves borrowing some river water to turn its kinetic energy into electricity, and returning the same unpolluted water back into the river. It is green because it does not produce harmful emissions. Like other renewable power technologies, it is economical as it depends on the “free energy” of nature as fuel.
The project is deemed an important component of AC’s plan to create a portfolio of power assets over the medium-term that blends conventional and satisfiable energy sources and contribute to the country’s energy requirements.
AC aims to build a portfolio of power generation assets of over 1,000 megawatts in the next five years.
On the other hand, Trans-Asia’s wholly-owned unit Trans-Asia Renewable Energy Corp. has aggressively pursued the development of renewable energy and has been awarded service contracts with potential capacity of 350 MW, making it one of the largest wind developers in the country today.
In a disclosure to the Philippine Stock Exchange, AC said the project, which will be undertaken by AC Energy (formerly Michigan Power Inc.) and Phinma’s energy arm Trans-Asia Oil & Energy Development Corp., will employ the environment-friendly fluidized-bed boiler technology when it comes on stream by mid-2014.
AC said the project, which will be owned 50-50 by the two powerhouse companies, will be financed by a combination of debt and equity.
“This project is part of our strategy to build a portfolio of power generation assets that combines conventional and renewable energy sources. This project will help contribute to building the much needed base load capacity to meet the growing demand for power in Luzon. This is simultaneous to our efforts to contribute in the development of alternative energy sources,” Fernando Zobel de Ayala, president and chief operating officer of AC.
Phinma president and Trans-Asia vice-chairman Ramon R. Del Rosario Jr., for his part, said: “We are glad to be partnering with the Ayala Group in this joint venture project. We look forward to leveraging each other’s strengths in developing and running a modern and environment-friendly facility that will contribute to the country’s power supply generation through conventional source using clean technology.”
AC, through AC Energy, recently formed several joint venture agreements to develop solar and mini-hydro power projects across various sites in the country. It also recently acquired a 50 percent stake in Northwind Power that operates the wind farm in Bangui, Ilocos Norte.
AC Energy also forged a joint venture with Sta. Clara Power Corp. , an independent power producer that focuses on the run-of-the river hydroelectric plants. It will take a 70 percent stake in the joint venture and shell out an initial P600 million to develop hydroelectric power projects across the country.
Run-of-the-river hydroelectric power plant operation involves borrowing some river water to turn its kinetic energy into electricity, and returning the same unpolluted water back into the river. It is green because it does not produce harmful emissions. Like other renewable power technologies, it is economical as it depends on the “free energy” of nature as fuel.
The project is deemed an important component of AC’s plan to create a portfolio of power assets over the medium-term that blends conventional and satisfiable energy sources and contribute to the country’s energy requirements.
AC aims to build a portfolio of power generation assets of over 1,000 megawatts in the next five years.
On the other hand, Trans-Asia’s wholly-owned unit Trans-Asia Renewable Energy Corp. has aggressively pursued the development of renewable energy and has been awarded service contracts with potential capacity of 350 MW, making it one of the largest wind developers in the country today.
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