Posted on November 24, 2011 10:13:06 PM [ BusinessWorld Online ]
AYALA LAND, Inc. (ALI) has created a new company with Mitsubishi Corp. that will be tasked with installing energy efficiency systems for the property firm’s developments.
The joint venture, Philippine Integrated Energy Solutions, Inc. (PhilEnergy), will eventually service other companies beyond the Ayala group with Mitsubishi providing the technical expertise, a statement released yesterday showed.
PhilEnergy will be 60% owned by Ayala Land, with the remaining 40% to be owned by Mitsubishi, the disclosure said.
“We are very excited about this new partnership with Mitsubishi [Corp.] Being able to manage the occupancy costs for the tenants in our portfolio of leasing properties is going to be very critical to the continued success of Ayala Land in this very competitive market environment,” said Antonino T. Aquino, Ayala Land president and chief executive officer, in the disclosure.
PhilEnergy’s “key feature” will be the implementation of district cooling systems (DCS) for Ayala Land mixed-use developments, which will significantly bring down capital expenditures and operating costs by increasing the efficiency of the properties’ electrical and water utilities, the disclosure stated.
PhilEnergy has already allotted nearly P1 billion for the construction of two DCS buildings to serve Ayala Center in Makati City and Alabang Town Center and Muntinlupa City, with other facilities planned for Cebu, Davao, Cagayan de Oro, and Quezon City.
“We are also fully committed to raising the bar for sustainability in our facilities, and even the country as a whole, and PhilEnergy will be a vital component of our strategy moving forward,” Mr. Aquino added.
Meanwhile, Mitsubishi is expected to provide technical support through its Japan-based network of affiliated energy-saving firms.
“I do hope PhilEnergy will expand its business not only in the Philippines, but also overseas…” said Nobuaki Kojima, Mitsubishi’s global environment business development group executive vice-president said in the same filing.
“Initially, the projects of PhilEnergy will benefit Ayala Land and our tenants, but we are open to the possibility of eventually extending this service to outside facilities,” Pamela Ann T. Perez, Ayala Land investment manager in a text message sent yesterday. -- F.J.G. de la Fuente
______________________________________________________________
