MANILA -- Ayala Corp., the Philippines' oldest conglomerate, has entered the Australian energy market through a joint venture with UPC Renewables to expand its power portfolio, the company said on Wednesday.
Ayala unit AC Energy is investing $30 million for a 50% stake in the Australian business of UPC Renewables. It will also provide a $200 million facility to fund developments, including a 1,000 megawatt wind project in North West Tasmania and a 600 MW solar farm in New South Wales.
