Ayala Corp.’s energy unit, 3 PHL banks sign P9-B loan facility

South Luzon Thermal Energy Corp. has signed a P9-billion loan facility with three local banks, parent Ayala Corp. said Wednesday. The joint venture with Trans-Asia Oil and Energy Development Corp. will use the money to build and operate a 135-megawatt Circulating Fluidized Bed (CFB) power plant project. The loan facility was signed with Banco de Oro Unibank Inc., Security Bank Corp. and Rizal Commercial Banking Corp. "The loan will be used to fund the construction of the project which is expected to be operational by mid-2014," according to a statement Ayala Corp. submitted to the Philippine Stock Exchange. Its energy investments are handled by wholly-owned subsidiary AC Energy Holdings Inc. AC Energy and Trans-Asia has a 50/50 equity stake each in South Luzon Thermal. Last June, Ayala Corp. said South Luzon Thermal would have an initial authorized capital of P200 million. — CMA/VS, GMA News