LISTED conglomerate Ayala Corp. (AC) said it is looking for more partnerships and acquisition opportunities, particularly in the development of greenfield projects, not just in the Philippines but also in select markets in Southeast Asia.
“We are always on the lookout for potential business opportunities internationally, for acquisition and development of greenfield projects both in the Philippines and [the]Southeast Asian markets,” AC told The Manila Times in an emailed statement.
Ayala has been actively scouting for business opportunities in “attractive” markets in Southeast Asia, especially in Indonesia. Earlier this month, AC announced its power arm AC Energy Holdings Inc. struck a deal with UPC Renewables Indonesia Ltd. to develop, construct, and operate a 75-megawatt (MW) wind farm project in Sidrap, South Sulawesi, Indonesia.
The $150 million project will be developed by Indonesia-based special purpose company PT UPC Sidrap Bayu Energi. Ayala said AC Energy’s investment in the project amounts to $30 million.
The Sidrap project — expected to be completed by the end of 2017 — will be the first utility scale wind farm project in Indonesia and the first greenfield offshore investment of AC Energy through its affiliate AC Energy International Holdings Pte Ltd., a Singapore private limited company.
AC is the umbrella conglomerate of the Ayala family, which holds the group’s businesses in power (AC Energy), water (Manila Water Company Inc.), telecoms (Globe Telecom Inc.), property (Ayala Land Inc.), semiconductors (Integrated Micro-Electronics Inc.), banking (Bank of the Philippine Islands), infrastructure (AC Infrastructure Holdings Corp.), automotive (Ayala Automotive), and BPO and education (LiveIt Investments Ltd.), among others.