Manila Times.net
Published : Thursday, November 03, 2011 00:00 Written by : Krista Angela M. Montealegre
The joint venture company of Ayala Corp. and Trans-Asia Oil and Energy Development Corp. signed a loan facility for the construction of a circulating fluidized bed power plant in Calaca, Batangas.
In separate disclosures to the Philippine Stock Exchange, AC and Trans-Asia said South Luzon Thermal Energy Corp. signed the debt facility with Security Bank Corp., Rizal Commercial Banking Corp. and Banco de Oro UniBank Inc., the lead arranger of the loan, to finance the construction of the 135-megawatt facility.
Trans-Asia, which is 55 percent owned by Phinma Inc. and Phinma Corp., also signed a 15-year power purchase agreement with SLTEC for the purchase of the latter’s generated output.
SLTEC will undertake the construction and operation of the P12-billion plant, expected to be operational by mid-2014.
DM Consunji Inc., the construction unit of DMCI Holdings Inc., was contracted to build the facility.
Trans-Asia earlier earmarked a portion of the proceeds of its P1.16-billion stock rights offering to fund the 135-MW project and the 20-MW Maibarara geothermal power plant, where it has a 25-percent stake.
AC recently announced it would spend $500 million over the next five years on both greenfield and brownfield projects to build a 1,000-megawatt portfolio of power generation assets, combining conventional and renewable energy sources.
Trans-Asia, through its wholly-owned subsidiary Trans-Asia Renewable Energy Corp., has been awarded service contracts with potential wind capacity of 350 MW, making it one of the largest wind developers in the country today.
AC shares lost P11.40 to close at P295 each, while Trans-Asia shares shed P0.02 to finish at P1.04 apiece.
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