By Myrna M. Velasco
The energy investment of Ayala Corporation has split into two platforms its corporate vehicles for power ventures – one for renewables and the other on thermal power projects.
The restructuring, as affirmed by AC Energy President Eric T. Francia, set the creation of a new holding firm AC Renewables, Inc. that will then pave the way for the transfer of its renewable assets to it; while for the coal-fired power projects, it shall be placed under ACE Thermal, Inc.
He said on these two energy subsidiaries, their local and foreign investments will also have to segregate corporate vehicles for local and offshore project developments.
Francia explained that “in reality, we will have four corporate vehicles. For now, it will be separate corporate vehicles onshore and offshore for thermal and renewables – that’s the intent. If you want to be technical or legal about it, it will be four corporate vehicles.”
Outside the Philippines, Indonesia and Vietnam will be the key market expansion of the Ayala group, both RE and thermal energy installations – either for coal or gas-fired power projects.
“We’re very active in terms of business developments – both in terms of thermal and renewables internationally. And our priority markets are Vietnam and Indonesia,” he said.
The reorganization of the Ayala Corporation’s energy businesses already secured the approval of its board of directors on the creation of the wholly owned platforms.
The company similarly indicated that AC Energy will be retained as its “umbrella brand” for its energy group of companies.
As asserted by AC Energy Chairman Fernando Zobel de Ayala, with the company’s rapid investment scale-up over the last five years, the two new platforms “will enable focused strategies and accelerate our growth.”
Francia further noted that the company recognizes the potential of renewables and conventional power as “two distinct businesses that attract different types of investors.”