Ayala Land, Mitsubishi form energy-saving joint venture

CEBU, Philippines - Property giant Ayala Land Inc. and Japan’s Mitsubishi Corp. are now partners in the business of energy efficiency, using the joint venture Philippine Integrated Energy Solutions Inc. (PhilEnergy) as a vehicle for the partnership.

According to a GMA News report, the 60/40 joint venture is majority owned by Ayala Land, with Mitsubishi providing technical support through its affiliated energy-saving operations in Japan and around Asia.

“PhilEnergy will be managed primarily by ALI in order to further enhance the competitiveness of its properties and even that of other potential third-party facilities by lowering energy consumption and increasing their sustainability footprint,” Ayala Land noted in a disclosure Thursday before the Philippine Stock Exchange.

PhilEnergy will be implementing “district cooling systems” (DCS) in Ayala Land’s mixed-use developments, “which will provide significant savings on both capital expenditure and also operating costs through increased efficiency in the consumption of electrical and water utilities.”

PhilEnergy was allotted P1 billion to build two DCS plants covering the needs of the Ayala Center redevelopment in Makati City and Alabang Town Center in Muntinlupa City.

The Ayala Land-Mitsubishi joint venture is expected to go into other DCS projects in Cebu, Davao, Cagayan de Oro and Quezon City.

The Ayala and Mitsubishi groups are partners in a number of ventures since 1974.  (FREEMAN)