Philippines‘ Ayala Corp has announced that a $1 billion coal-fired power plant in the south of the archipelago was underway, as it reaffirmed plans to build an energy portfolio of up to 1,000 MW.
AC Energy Holdings, a unit of the conglomerate Ayala Corp is behind the development.
The company said it is taking a “prudent” stance in expanding its power generation portfolio mindful of potential power oversupply in the next three years.
“We’re obviously cognizant of the potential oversupply,” AC Energy CEO John Eric Francia told reporters on the sidelines of an industry forum.
Building additional capacities will depend on AC Energy getting additional off-take agreements, especially on the main Luzon island where more than 2,000 MW of additional supply are projected to come on stream by 2018 or 2019, he said.
[bc_video account_id=”” player_id=”” video_id=””]