Energy

GNPower Kauswagan Ltd. Co. (GNPK), the joint venture company between AC Energy Holdings, Inc. (AC Energy), the power unit of conglomerate Ayala Corporation, and Power Partners Ltd. Co. (PPLC), engaged Shanghai Electric Power Construction Co. (SEPCC), a subsidiary of Power Construction Corporation of China, for the engineering, procurement and construction (EPC) of a US$1 billion-thermal facility in Kauswagan, Lanao Del Norte.

At its annual stockholders’ meeting held today, Ayala Corporation Chairman and CEO Jaime Augusto Zobel de Ayala announced that the Ayala group plans to spend P187 billion in capital expenditures in 2014. This is a record amount of investments for the group, surpassing the previous year’s P128 billion. The bulk of this will support Ayala Land’s expansion, Globe Telecom’s on-going network improvements, and Manila Water Company’s service improvements, as well as to fund the conglomerate’s expansion in power and transport infrastructure.

AC Energy Holdings, Inc. (ACEHI), a wholly owned subsidiary of Ayala Corporation, signed an Investment Framework Agreement and Shareholders’ Agreement with UPC Philippines Wind Holdco I B.V., a wholly owned company of UPC Renewables Partners (UPC) and the Philippine Investment Alliance for Infrastructure (PINAI) fund, comprised of the Government Service Insurance System, APG and Macquarie Infrastructure Holdings (Philippines) Pte. Limited, to develop wind power projects in Ilocos Norte through Northern Luzon UPC Asia Corporation (NLUPC) as their joint venture company.

Customers of the Bank of the Philippine Islands (BPI) who head to its Ayala Avenue Extension branch will notice something different with the one-story structure.