Ayalas expect energy will be their growth dynamo
Highly diversified conglomerate Ayala Corp. expects its power business to be a major contributor to overall earnings in the next five years.
Ayala president and COO Fernando Zobel de Ayala said AC Energy, with 1,000 megawatts in attributable capacity, is emerging to be a significant player in the industry.
?We expect it to be a meaningful part of Ayala?s portfolio in the next five years,? Zobel said.
Equity earnings of AC Energy expanded nearly threefold in the first nine months of the year as operating levels of its power generation plants significantly improved.
AC Energy, however, booked a net income of ?1.2 billion, down 28 percent year on year due to the absence of capital gains from the partial sale of its stake in North Luzon Renewable Energy Corp.
The company has already achieved its target of building 1,000 megawatts of power capacity with the full swing construction of the first unit of its 2 x 668 MW GNPower Dinginin power plant in Mindanao.
To date, AC Energy has seven thermal, wind and solar power generation assets. The two plants under construction, GNPower Kauswagan and GNPower Dinginin, are expected to add another 1,200MW to the grid in 2018 and 2019, respectively.