ACE Exenor Inc., a company controlled by Ayala Group, signed an investment agreement with Buendia Christiana Holdings Corp., Red Holdings B.V., Batangas Clean Energy Inc., and Gen X Energy L.P. to develop a 1,100-megawatt combined cycle power plant.
ACE Exenor, BCHC, Red Holdings, BCE, and Gen X signed the deal to develop the project that use natural gas and/or green hydrogen as fuel to meet the country’s growing energy demand.
The joint venture will be through BCE, the special purpose vehicle company where the AC Exenor and Gen X Energy will each own a 50-percent interest, subject to satisfaction of agreed conditions precedent and execution of further definitive documents.
Gen X is a portfolio company of Blackstone Inc., the world’s largest alternative asset manager.