Manila Electric Co., the biggest retailer of electricity is studying the possibility of bidding for the unsold energy assets of AC Energy Inc. in Mindanao as the power plants near completion.
Meralco chairman Manual Pangilinan said the assets “look interesting.”
“It seems to be almost finished so ready for operation. So it looks interesting because we don’t have to wait for all sorts of approval. We will probably take a look at it,” Pangilinan said.
AC Energy, a unit conglomerate Ayala Corp., said it was in talks with other investors to sell its energy assets, which includes the GN Power Kauswagan plant.
AC Energy owns an 85-percent economic stake in GNPower Kauswagan in partnership with the Philippine Investment Alliance for Infrastructure Fund and Power Partners.
The construction of the plant is in full swing and is expected to be in commercial operation by 2019. The 552-MW plant will operate as a baseload plant to support the power demand and economic development of Mindanao.