Business World Online
Posted on November 13, 2014 10:38:00 PM
THE power subsidiary of listed conglomerate Ayala Corp. (AC) expects to bring in an additional 370 megawatts (MW) to the Luzon grid by the end of next year.
In a statement yesterday, AC Energy Holdings, Inc. (AC Energy) announced that it recently completed several power generation projects that utilize both renewable and conventional energy sources.
Through Northwind Power Development Corp., AC Energy last Oct. 10 finished the 19-megawatt (MW) expansion of the 33-MW Bangui wind farm in Ilocos Norte.
“It has since been operational and has been successfully delivering power to the grid,” the statement read.
AC Energy -- through North Luzon Renewable Energy Corp. -- also completed a new 81-MW wind farm in Pagudpud, Ilocos Norte last Nov. 11.
“This wind project, which consists of 27 turbines supplied by German manufacturer Siemens, has likewise since been operational,” the statement read.
AC Energy said the Energy department issued a certificate of endorsement for the 19-MW wind project under the feed-in tariff (FIT) scheme.
The 81-MW project, on the other hand, is still awaiting such an endorsement.
Once confirmed by the Energy Regulatory Commission, these projects would receive certificates of compliance under FIT -- which means their capacity will dispatched at a rate of P8.53 per kilowatt-hour over a period of 20 years.
Apart from the wind projects, the company also hopes to supply a total of 270 MW from a coal-fired power project in partnership with Trans-Asia Oil and Energy Development Corp.
AC Energy said the first 135-MW unit of the plant in Calaca, Batangas is reaching the final stages of completion.
“The company expects to begin commercial operations of the plant by the first quarter of 2015,” it said.
“The second 135-MW unit is likewise planned for completion and operation by the end of 2015,” it added.
Over the past three years, the company has allotted equity investment of around $500 million to develop these power generating projects.
“We believe the completion and operation of our two wind projects as well as the completion of our project in Calaca come very timely as these will significantly help meet the country’s immediate demand for power,” AC Energy President Eric T. Francia said in the statement.
“Ayala has always recognized the need to build both base load power and develop renewable energy sources,” he added.
“We continue to work on a pipeline of power projects to meet our goal of assembling around 1,000 MW in generating capacity over the next few years.”
Ayala Corp. lost P1 or 0.14% to end at P709 on Thursday. -- Claire-Ann Marie C. Feliciano source
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