Ayala, Trans-Asia Venture Signs 9 Billion Peso Loan for Plant

Ayala Corp. (AC) said its joint venture with Trans-Asia Oil and Energy Development Corp. signed a 9 billion peso ($210 million) loan to fund the construction of a 135-megawatt power plant.

Banco De Oro Unibank Inc. (BDO), Security Bank Corp. (SECB) and Rizal Commercial Banking Corp. (RCB) will provide the loan to South Luzon Thermal Energy Corp., Ayala said in a disclosure to the stock exchange today. The power plant will be operational by mid-2014, it said.

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