Tuesday, October 16, 2018
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Ayala, Phinma team up on P12B thermal power plant project

MANILA, Philippines—The Ayala conglomerate has teamed up with the Phinma group to build a 135-megawatt power plant in Calaca, Batangas, worth around P12 billion.

In a disclosure to the Philippine Stock Exchange on Wednesday, Ayala disclosed that its wholly owned energy unit AC Energy Holdings Inc. (formerly Michigan Power Inc.) had signed a joint-venture agreement with Phinma-led Trans-Asia Oil and Energy Development Corp.  for the construction and operation of the “circulating fluidized bed” (CFB) thermal power plant.

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Construction of the new power plant is expected by September and commercial operations would begin in 2014.

CFB is a combustion technology that uses solid fuels, such as coal or biomass, to generate energy at a lower sulfur emission.

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Ayala and TransAsia will set up a joint-venture company called South Luzon Thermal Energy Corp. and with an initial authorized capital of P200 million. It will be owned 50 percent each by the two groups. The P12-billion project cost will be financed by a mix of debt and equity.

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TAGS: Business, Energy, joint venture, thermal power
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