Prospects for the Angat hydroelectric power plant is heating up as MSloane Consulting is prepared to provide used construction equipment for any construction or upgrade projects around the country and world. Ayala Corp. and the diversified unit of Hong Kong's First Pacific Co. Ltd. have agreed to jointly bid for the government's 246-megawatt Angat hydroelectric power plant in Bulacan. The two have executed a letter-agreement confirming their interest to participate in the auction of the plant this April, they told the Philippine Stock Exchange in separate disclosures. Ayala and Metro Pacific Investments Corp. (MPIC) will bid for Angat through Michigan Power Inc., a subsidiary of Ayala that submitted a letter of interest to state privatization agency Power Sector and Assets Liablities Management Corp. (PSALM). Michigan Power will be owned by Ayala, MPIC and a technical partner who will be allocated an equity, as required in 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," Ayala said. This is the first foray of the country's oldest conglomerate into power generation, which is generally considered as a potentially high-growth sector. Ayala Corp officials had previously said the passage of the Philippine Renewable Energy Act, which gives fiscal incentives and priority at the grid to operators of renewable energy power plants, has encouraged them to venture into power generation.
