Ayala unit AC Energy, A Brown to build Iloilo thermal power plant

Growing its power portfolio, a conglomerate said Friday its energy unit has joined another company in building a thermal facility in Concepcion, Iloilo.   In disclosure to the Philippines Stock Exchange, Ayala Corp. said its wholly owned subsidiary AC Energy Holdings Inc. signed a memorandum of agreement with A Brown Group to build a 135 megawatt (MW) circulating fluidized bed thermal facility in Iloilo.   “[AC Energy] is gradually building its portfolio in the power sector,” said Solomon Hermosura, Ayala Corp. managing director.   A Brown Group includes A Brown Company Inc., Palm Thermal Consolidated Holdings Corp., Palm Concepcion Power Corp. and Panay Consolidated Land Holdings Corp.   Primarily a property development and oil palm nursery and milling concern, the group first ventured in mining and energy with the acquisition of Monte Oro Resources and Energy Inc.    Ayala Corp. earlier disclosed it has allotted $100 million for power projects to generate about 180 MW of gross capacity.   AC Energy started constructing a 135 MW thermal plant in Calaca, Batangas, with South Luzon Thermal Energy Corp.   The project is primarily a joint venture with Phinma group’s Trans Asia Oil and Development Corp.   “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. — Marc Jayson Cayabyab/GMA News