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

Ayala Corp. 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., Security Bank Corp. and Rizal Commercial Banking Corp. 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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