Ayala power company to do four power projects

AC Energy Holdings Inc commits US$325 million in equity investments for the projects.

This total represents 46% of the company’s planned US$700 million capital outlay for the energy sector over the next five years. President Eric Francia said the US$325 million had been earmarked for previous interest acquisitions in energy firms and for upcoming power projects.

This project includes a US$20 million investment for a 50% stake in NorthWind Power Development Corporation that owns and operates the Bangui wind farm, the Philippines’ first and only wind project.

Other AC Energy are a 20% stake in GNPower, which is commissioning this year a 600MW coal plant in Bataan province; $90 million for the construction of two 135MW coal units in Batangas province in partnership with Trans-Asia Oil and Energy Development Corporaion and US$50 million for a mini-hydropower project in North Luzon.

The US$700 million to be spent on power related opportunities will allow the Ayala Group to meet its target power portfolio of 1,000MW gross capacity, of which half would be attributable to the company.

AC Energy Holdings is Ayala's power generation holding company with investments in the development of solar, wind, and mini-hydro energy sources.