AC Energy forges joint venture for Lanao facility

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AC Energy Holdings Inc. has forged a joint venture agreement with Power Partners Ltd. Co. for the establishment of a ermal power plant in Lanao del Norte.

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Ayala Corp. said in a disclosure to the Philippine Stock Exchange that its power unit signed a joint venture deal with Power Partners on Wednesday.

The deal, according to Ayala Corp., will be for the construction and operation of a 3 x 135-megawatt thermal power plant in Kauswagan, Lanao del Norte.

Power Partners is a private partnership engaged in developing and owning power facilities in the Philippines since 2001.

It was reported several weeks ago that AC Energy partnered with UPC Philippines Wind
Holdco I B.V. for the development of several wind power projects in Ilocos Norte, with an initial equity investment of $220 million for an 81-megawatt project in the province.

The holding company for Ayala Corp.’s power investment announced that it just signed an investment framework agreement and shareholders’ agreement with UPC Philippines to develop wind power projects in Ilocos Norte, through their joint venture firm Northern Luzon UPC Asia Corp.

Madelaine B. Miraflor

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