Ayala-Marubeni’s 150-MW power plant to go online in Q1 2021
A joint venture between the Ayala group and Japan’s Marubeni Corp. anticipates its 150-megawatt diesel-fired power plant in Rizal town going online as planned in the next quarter as they received notice of a green light from the Philippine Competition Commission (PCC).
AC Energy Philippines Inc. (Acen) said it had received on Dec. 1 a copy of a PCC decision dated Nov. 24, with notice that the anti-trust body found that the transaction “will not likely result in substantial lessening of competition” in the power generation business.
Acen and its subsidiary ACE Endevor Inc. have forged a shareholders’ pact with Marubeni unit Axia Power Holdings Corp. for the development, construction and operation of the power plant in Pililla town through Ingrid Power Holdings Inc. The plant is intended to provide stability in the power grid by augmenting supply during hours when demand peaks. The Ingrid project is expected to be operational in the first quarter of 2021.
Under the agreement, Axia holds a 50-percent stake in Ingrid while Acen controls 45 percent. ACE Endevor owns the remaining 5 percent.
Acen has infused P570 million into Ingrid to bankroll the power plant.
Ingrid is part of a 550-MW pipeline of power generation assets that Acen expects to power on in the short term. Aside from peaking plants, these projects also consist of renewable energy facilities.
Last month, Acen president John Eric T. Francia said the company was expected to complete in the next three quarters its transformation from what was Phinma Energy Corp. into the Ayala group’s power generation platform for both domestic and overseas projects.
Related to this, Acen has lined up fundraising activities that are intended to raise $500 million to $600 million.
Francia said that such a kitty would help the company achieve its goal of building a portfolio of 5,000 megawatts of renewable energy capacity by 2025.
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