Ayala Corporation to build power plant in Mindanao

Plant will rise in Lanao del Norte province.

Ayala Corporation said its wholly-owned subsidiary, AC Energy Holdings Inc., has signed a deal to build a 405 MW thermal power plant in Lanao del Norte province on Mindanao island.

The power project will be undertaken as a joint venture with Power Partners Ltd., a local company that has been developing power facilities since 2001.

Ayala has already committed US$325 million in equity as part of its drive to build a power generation portfolio that totals 1 GW. It is now building a 270 MW coal-fired power plant and also bought a 600 MW coal-fired power plant.