Monday, February 24, 2014 : Ayala Land Inc. buys rest 40% stake in Philippine Integrated Energy Solutions Inc. (PhilEnergy) from its partner Mitsubishi Corp. in the joint venture company. This will effectively make PhilEnergy Ayala Land’s wholly-owned subsidiary.
Jaime Ysmael, CFO, Ayala Land said “The sale, I believe, was part of Mitsubishi’s internal allocation of its investments in the Philippines towards real estate development projects.”
Ysmael added “The investment was to further enhance the competitiveness of its properties and even that of other potential 3rd-party facilities by lowering energy and water consumption. In terms of scale of operations, PhilEnergy now has four operating sites, P2.6 billion in plant assets with a strong growth pipeline in support of ALI’s ramp up of mixed-use developments.”
Recently PhilEnergy was agreed P1 billion to build two “district cooling systems” (DCS) plants covering the needs of the Ayala Center redevelopment in Makati City and Alabang Town Center in Muntinlupa City.