Manila Standard Today
Ayala Land Inc., the biggest property developer, has tied up with Mitsubishi Corp. of Japan to promote energy efficiency in the Philippines.
Ayala Land said in a disclosure to the stock exchange the two companies would form Philippine Integrated Energy Solutions Inc. that aims to lower energy consumption within the property firm’s large mixed-use development projects.
Ayala Land will own 60 percent of PhilEnergy while Mitsubishi Corp. will hold 40 percent.
Ayala Land will manage PhilEnergy while the Japanese partner will provide critical technical support through its extensive network of affiliated energy-saving companies with leading track records in Japan and around the region.
The partnership is the latest cooperation between Ayala and the Mitsubishi groups.
A key feature of the direction of the company is the implementation of the district cooling system in large Ayala Land mixed-use development projects, which will provide significant savings on capital expenditures and operating costs through increased efficiency in the consumption of electrical and water utilities.
PhilEnergy is investing close to P1 billion for the construction of DCS plants that will serve the needs of Ayala Center redevelopment in Makati and Alabang Town Center.
The company plans other DCS projects in Cebu, Davao, Cagayan de Oro and Quezon City and tap into large domestic and even regional market of facilities that require energy-saving solutions.
“We are very excited about this new partnership with Mitsubishi Corp. Being able to manage the occupancy costs for the tenants in our portfolio of leasing properties is going to be very critical to the continued success of Ayala Land in this very competitive market environment,” said Ayala Land president Antonino Aquino.
“We are also fully committed to raising the bar for sustainability in our facilities, and even the country as a whole, and PhilEnergy will be a vital component of our strategy moving forward.” Jenniffer B. Austria
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