Manila Bulletin
By JAMES A. LOYOLA
September 20, 2012, 5:24pm
MANILA, Philippines — A Brown Co., Inc. has signed a Memorandum of Agreement with AC Energy Holdings, Inc. (ACEHI), a subsidiary of Ayala Corporation, to build a power generation plant in the Province of Iloilo.
The new plant, targeted to operate by 2015, is a 135MW facility utilizing the latest in clean-coal technology. The project plans are inclusive of a second 135MW plant for future development. The project cost P12.5 billion.
The plant is targeted to fill the anticipated tight power supply situation in Panay and the Visayas grids by 2015, as economic activity continues to expand in the area.
“This partnership clearly validates the quality and value of the projects that we have conceptualized, originated and nurtured.” said A Brown chairman Dr. Walter Brown.
Brown added that, “it also demonstrates the technical abilities, long-standing experience and capabilities of BRN and its management team to bring meaningful and value-added projects to the fore.”
With the joint venture in place, the plant is now on track to break ground within the Fourth Quarter of 2012, said A Brown vice president Roel Castro.
“A Brown has done all the preliminary work and investments over the past 2 years, and the project is already in an advanced stage of predevelopment. The engineering plans are ready, and important regulatory approvals have been secured,” said Castro.
He noted that “this is a welcome development for Panay in particular and Visayas in general, as this will insure the availability of steady, reliable and cheaper power to fuel anticipated growth and development in key areas like Iloilo City, Bacolod City and Boracay. Our commitment to Panay is long-term, as we stand ready to build another 135MW of capacity if there is a need for it.”
The project also marks another milestone for ACEHI, as it continues to expand its portfolio of businesses and pursues opportunities in power generation and infrastructure.
“We are pleased to be partnering with BRN, and hopefully with the combined expertise and experience of both companies, we can be a major player in the power generation sector in the years to come” said Ayala managing director and ACEHI chief executive John Eric T. Francia.
Francia said “we have a dedicated group, ACEHI, that is actively investing in the power sector, and the Ayala Group would like to pursue opportunities with BRN as one of our partners.”
A Brown is embarking on a program to increase its exposure in the fields of power generation, infrastructure and mining and oil and gas exploration sectors, leveraging on the core competence, experience and expertise of Dr. Brown and his management team in the above mentioned fields.
Rounding out the company’s renewed focus on resources, It currently manages a 2,200 hectare palm plantation in Mindanao, with its own milling operations and an oil processing plant scheduled to be in operation First Quarter of 2013.
There are plans to increase the plantation size to 10,000 hectares in the coming years, as the company seeks to address perennial shortages of palm oil in the domestic market.
The firm is also a premier developer of quality real estate in Northern Mindanao, with a solid reputation and track record in the city of Cagayan de Oro, where the bulk of its developments have been located since 1995. source
No comments:
Post a Comment