MANILA -- Conglomerate Ayala Corp. said Friday it is restructuring its energy business to create two wholly-owned platforms for renewable energy and thermal energy.
Ayala told the local bourse it would retain AC Energy as its umbrella brand for its energy group of companies, which would primarily consist of AC Renewables Inc. and ACE Thermal Inc.
“AC Energy has scaled up rapidly over the last five years, and we believe that having these two exciting platforms will enable focused strategies and accelerate our growth,” said AC Energy Chairman Fernando Zobel de Ayala.
AC Energy is Ayala Group’s business arm in the energy sector, with investments in renewable energy and conventional power plants.
“We recognize that renewables and conventional power are two distinct businesses that attract different types of investors. This move therefore provides AC Energy a sharper proposition and greater flexibility in the event that we broaden our investor base for our platforms,” added Eric Francia, AC Energy’s Chief Executive Officer. (PNA)