Ayala to pump $500 million into Philippine power sector
Philippine blue-chip Ayala Corp plans to invest USD500 million in electricity generation over the next five years, in line with its goal to build a portfolio of around 1,000 megawatts of power capacity.
The group entered the power business last year when it bought 50 percent of a wind farm. It established AC Energy Holdings as its holding company for its power investments.
AC president Fernando Zobel De Ayala said they have made significant progress in the power business, having assembled around 180-MW of capacity across thermal, wind, hydro and solar technologies.Last year, the group formed South Luzon Thermal Energy Corp in partnership with Trans-Asia Oil & Development Co, a member of the Phinma Group Group, to build and operate a P12 billion 135-MW thermal plant in Calaca, Batangas, targeted to be operational by the end of 2014