Ayala Land Inc (ALI) has entered an agreement to buy out Mitsubishi Corp's 40% interest in Philippine Integrated Energy Solutions Inc (PhilEnergy), according to Inquirer. The financial terms of the deal were not disclosed in the said report.
According to a statement by ALI which was cited by Inquirer, PhilEnergy will become its wholly owned subsidiary as part of the transaction.
PhilEnergy was established as ALI and Mitsubishi's 60-40 venture. The energy firm implemented a PHP1-billion project that targeted a more efficient consumption of energy and water in Makati and Alabang Town Center, the report detailed.
ALI explained that its reason for investing in PhilEnergy was 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."
Meanwhile, Mitsubishi played an important role in the project by being the source of technical support using its network of energy-saving firms in Japan and in the Makati region, Inquirer reported.
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