SMC, Aboitiz Power eyeing Ayalas’ coal assets
San Miguel Corp. and Aboitiz Power Corp. are reportedly interested in the Ayala Group’s coal energy assets.
Ayala Energy last week revealed plans to sell up to 50 percent of its coal energy to raise funds for its expansion in Southeast Asia.
The company is in talks with potential partners interested in its stake and that a final decision on the sale could be made within the year, Reuters reported.
Ayala Energy is expected to raise as much as $1 billion from the sale.
The company aims to boost its power generating capacity to 5,000 megawatts by 2025 from the current 1,600 MW.
Its thermal assets include the 632-megawatt GNPower Mariveles coal plant, a joint venture with Aboitiz Power’s subsidiary Therma Power and Power Partners, and the 552-MW GNPower Kauswagan, in which it owns 85 percent..
Following its acquisition of Salak and Darajat geothermal assets in Indonesia last year, AC Energy intends to further expand its presence in assembling a portfolio of renewable energy assets in the region this year, including a 75 MW wind project in Indonesia and over 300 MW of solar projects in Vietnam.
AC Energy nearly doubled its net profit to 593 million pesos in the first quarter of this year, boosted by robust contributions from its Indonesia investment and from its coal and renewable platforms.
Following its acquisition of Salak and Darajat geothermal assets in Indonesia last year, AC Energy intends to further expand its presence in the region.