MANILA, Philippines - A subsidiary of Ayala Corp. is teaming up with A Brown Company and its subsidiaries to build a power generation plant in Iloilo.
Ayala-led AC Energy Holdings, Inc. (ACEHI) signed the memorandum of agreement with A Brown and its subsidiaries, namely Palm Thermal Consolidated Holdings Corp.; Palm Concepcion Power Corporation and Panay Consolidated Land Holdings Corporation.
In a disclosure to the stock exchange, A Brown said the new power plant is targeted to start operations by 2015.
The 135MW facility, which will utilize the latest clean coal technology, is expected to help ease the tight power supply situation in Panay and the Visayas grids by 2015.
Included in the plans is a second 135MW plant for future development.
"With the joint venture in place, the power plant is now on track to break ground within the fourth quarter of 2012," A Brown said.
A Brown said the project is already in an advanced stage of pre-development and regulatory approvals have been secured.
A Brown Company is a publicly listed corporation which has interests in real estate, energy or power, property development, agribusiness and investments in listed companies.