Ayala infuses P112.5M into subsidiary Michigan Power

To develop further its renewable energy projects, Ayala Corp. on Monday said it will infuse P112.5 million into its subsidiary Michigan Power Inc. “Through this capital infusion, [Ayala] aims to enable Michigan Power to explore opportunities in the field of renewable energy and enter into possible joint ventures for such purpose," Ayala managing director John Eric Francia told the Philippine Stock Exchange. Ayala said that Michigan Power entered into a joint venture with Diamond Generating Asia Ltd., a wholly owned subsidiary of Mitsubishi Corp., to explore opportunities in Philippine solar power. The joint venture will be known as PhilNewEnergy Inc. and will primarily explore and pre-develop possible solar projects. Michigan Power will own 60 percent of PhilNewEnergy, with Diamond holding the remaining stake. — JE/VS, GMANews.TV