The Ayala group through AC Energy Philippines Inc. (ACEPH) has signed a shareholders’ agreement with a unit of Marubeni Corp. related to a joint venture for a 150-megawatt diesel-fired power plant in Rizal.
ACEPH said in a disclosure that the deal also involved its wholly owned subsidiary ACE Endevor Inc. and Marubeni’s Axia Power Holdings Philippines Corp.
They want to develop, build and run the project dubbed Ingrid. Expected to start operations in Pililla in the first quarter of 2021, the Ingrid project still needs the green light from the Philippine Competition Commission.
Based on the agreement, Axia will acquire 50 percent of the shares and 50 percent economic rights in the special purpose vehicle for the project, which is Ingrid Power Holdings Inc.
ACEPH will hold the remaining shares and 45 percent economic rights while Endevor will have 5-percent economic rights in the project, which will supply electricity needed during peak hours of consumption as well as reserve capacity for the Luzon grid.
The company, formerly named Phinma Energy Corp., has laid out P570 million into the Ingrid project as of January this year.
Ingrid is part of a 550-MW pipeline of power generation assets that ACEPH expects to power on in the short term, consisting of renewable energy facilities aside from peaking plants.
Earlier, ACEPH president Eric Francia said their permit allows the company to build in Pililla generating capacity of up to 300 MW, but that they were starting at half that scale.
Also in the pipeline are a 120-MW solar power plant in Alaminos, Laguna province, and a 60-MW solar plant in Palauig, Zambales province.