Asia’s Ayala Corp. drops stakes in three hydroelectric power companies

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The Ayala Corp. has announced it plans to divest its shares in three Philippines-based hydroelectric power developers to focus more on other assets within its renewable energy portfolio.

According to an exchange filing submitted last week, Ayala subsidiary AC Energy Holdings will sell its 70% interests in QuadRiver Energy, Philnew Hydro Power and Philnew River Hydro to the Sta. Clara Corp. Financial terms of the deal were not disclosed.

Ayala executives said the company might reenter the hydro sector in the future, but that it intends to focus on wind, solar and geothermal for now. In fact, Ayala’s hydro divestments come shortly after the holding company announced it had purchased geothermal assets from the Chevron Group in the Philippines and Indonesia.

HydroWorld.com reported in March 2010 that Ayala had joined other Philippine companies First Gen Corp. and the Metro Pacific Investments Corp. to bid on the 246-MW Angat hydropower plant.

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Michael Harris formerly was Editor for HydroWorld.com.

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