Philippine conglomerate Ayala Corp said on Wednesday it will invest 600 million pesos ($14 million) for a 70 percent stake in a joint venture to develop run-of-the-river hydroelectric power projects across the country.
In a stock exchange disclosure, Ayala said the investment would be made through its wholly owned unit Michigan Power Inc, which also has a 50 percent stake in NorthWind Power Development Corp, owner and operator of Southeast Asia’s first commercial wind farm.
The hydro plants would turn the kinetic energy of river water into electricity. The water is not polluted and there are no harmful emissions, Ayala said.
On Monday, Ayala Corp said it was looking to build a portfolio of power generation assets of about 1,000 megawatts over the next five years, aiming to become a key player in the power sector, where additional demand of 8,000 MW is expected over the next decade.
