Ayalas restructure energy business
Ayala Corp. has approved a restructuring of its energy business to refine its focus on renewable energy and thermal energy.
The restructuring entails the creation of new holding company AC Renewables Inc. which will serve as the Ayala Group?s corporate vehicle for its renewable assets.
Thermal Holdings, on the other hand, will be renamed ACE Thermal Inc.
Ayala will retain AC Energy as its umbrella brand for its energy group of companies, which will primarily consist of AC Renewables Inc. and ACE Thermal Inc.
?AC Energy has scaled up rapidly over the last five years, and we believe that having these two exciting platforms will enable focused strategies and accelerate our growth?, said AC Energy chairman Fernando Zobel de Ayala.
?We recognize that renewables and conventional power are two distinct businesses that attract different types of investors. This move therefore provides AC Energy a sharper proposition and greater flexibility in the event that we broaden our investor base for our platforms?, added Eric Francia, CEO of AC Energy.