The Market Monitor Minding the Nation's Business
Ayala Corp.’s energy unit AC Energy will sell a 15 percent stake in South Luzon Thermal Energy Corp. (SLTEC) to Axia Power Holdings Philippines Corp. (Axia Power), a subsidiary of Marubeni Corporation.
PHINMA Energy Corp. (PHINMA Energy), AC Energy’s joint venture partner in SLTEC, also sold a five percent stake to Axia Power.
As a result of the transaction, AC Energy’s ownership in SLTEC is now at 35 percent while that of PHINMA Energy and Axia Power were at 45 percent and 20 percent, respectively.
SLTEC owns and operates a two 135-megawat (MW) thermal power plant in Calaca, Batangas.
AC Energy entered the energy market in 2011, bringing to over 1,000 (MW) of attributable capacity under its portfolio of investments in power generation supply.
The company achieved its 1,000 MW attributable capacity with the full-swing construction of the 668-MW GN Power Dinginin project, where Ayala’s power investment arm has a 50 percent stake.
AC Energy currently has seven thermal, wind, and solar assets which are the 604 MW GNPower Mariveles and 668 MW GNPower Dinginin in Bataan; 244 MW South Luzon Thermal Energy in Batangas; 552 MW GNPower Kausawagan in Lanao del Norte and 18 MW Montesol in Bais, Negros Oriental.
Five of the plants are operational, which collectively deliver about 1,000 MW of power to the grid.
The two plants under construction, GNPower Kauswagan and GNPower Dinginin, will add another 1,200 MW to the grid in 2018 / 2019.
The company recorded P2.1 billion in net income in 2015. In 2016, it registered 2.9 times growth in its first half earnings compared to the same period last year. RIZA LOZADA