Ayala expands its energy investment in the Philippines

It will build a 135 megawatt circulating fluidized bed thermal facility in Iloilo.

Ayala Corporation, the Philippines' largest conglomerate, is expanding its energy portfolio with the building of a thermal power plant in the southern province of Iloilo.

Ayala said its wholly owned subsidiary AC Energy Holdings Inc. signed a memorandum of agreement with A Brown Group to build a 135 megawatt circulating fluidized bed thermal facility in Iloilo. It has allotted US$100 million for power projects that will have a combined capacity of 180 MW.

“Recognizing the country’s need for both base load capacity and alternative energy sources, Ayala is also gradually building its portfolio of renewable energy sources in solar, wind and hydro technologies,” the company said.

Ayala is planning to invest US$2.5 billion to build a portfolio of power projects with a capacity of as much as 1,000 MW over the next five years. Renewable energy sources will likely comprise 20% or 200 MW of its planned 1,000 MW capacity. Some US$150 million will be allotted for renewable energy.

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