Ayala Corporation and Metro Pacific Investments Corporation (MPIC) have executed a letter-agreement confirming their interest in participating in the privatization of the 246 MW Angat Hydroelectric Power Plant located in Norzagaray, Bulacan, which is subject of the bidding process initiated by the Power Sector Assets and Liabilities Management Corporation (PSALM).
Ayala and MPIC have agreed to participate in the bidding through Michigan Power, Inc. (MPI), a subsidiary of Ayala that submitted a letter of interest to PSALM in relation to the bidding. MPI will be owned by Ayala and MPIC, subject to allocation of required equity to a technical partner in accordance with the bidding procedures.
This initiative is in line with Ayala’s desire to participate in the power sector, especially in the realm of clean and renewable energy.
The above statement is based on the disclosure made today to the Securities and Exchange Commission and the Philippine Stock Exchange by Ayala general counsel and compliance officer Solomon M. Hermosura.