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Companies

Ayala enters Australia energy market with $30m venture stake

Philippine conglomerate expands power portfolio with 50% share of UPC Renewables

Ayala's entry into the Australian energy market moves the conglomerate closer to its goal of 2,000mwh of generating capacity by 2020. (Photo by Masayuki Kozono)

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.

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