AC Energy Holdings, a unit of Ayala, has formed a $275 million joint venture with Trans-Asia Oil and Energy Development, Reuters reports. The project is expected to be funded through debt and equity.

The joint venture company, South Luzon Thermal Energy, will build and operate a thermal power plant in Batangas, adds Manila Standard Today. ING Bank acted as the financial advisor to Trans-Asia in the deal.

Click here for the story from Reuters.

Click here for the additional coverage from Manila Standard Today.