AC Energy’s JV with Marubeni unit gets PCC nod

The Philippine Competition Commission has cleared AC Energy Inc.’s partnership with Japan’s Marubeni Corp. to develop and operate a 150-megawatt high-speed, diesel-fueled power plant in Pililia, Rizal.

Targeted to be operational in the first quarter of 2021, the project, according to the PCC, “will not likely result in substantial lessening of competition.”

Marubeni subsidiary Axia Power Holdings Philippines Corp. will take a 50% stake and 50% of the economic rights in AC Energy subsidiary Ingrid Power Holdings Inc., the special purpose vehicle of the project.

AC Energy will hold the remaining 50% of Ingrid.

It had already infused P570 million into the project, which willsupply peaking and reserve power to the Luzon grid.

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