AC Energy unit earmarks P 5B for land banking

AC Energy Philippines Inc. (Acen) has approved a subsidiary’s plan to acquire land amid moves to develop various projects as opportunities allow in different areas across the country.

The Ayala group’s energy platform said in a disclosure its board had given the green light for ACE Endevor Inc. to pursue such plans, with a total budget of P5 billion.

ACE Endevor is looking at “expand(ing) to other geographies in the Philippines for development of power generation and other types of projects,” the parent firm said.

Last month, they signed with Axia Power Holdings Philippines Corp., a subsidiary of Marubeni Corp., a shareholders’ agreement related to a joint venture for a 150-MW diesel-fired power plant in Rizal province.

The two partners want to develop, build and run the project dubbed “Ingrid,” which is expected to start operation in Pililla town in the first quarter of 2021. However, Ingrid still needs a go-ahead from Philippine Competition Commission. INQ