Insular Life has inked an agreement with a subsidiary of ACEN Corporation for P1.0 billion worth of investment in the preferred shares of South Luzon Thermal Energy Corporation the corporate vehicle of the Ayala group..
Insular Life has inked an agreement with a subsidiary of ACEN Corporation for P1.0 billion worth of investment in the preferred shares of South Luzon Thermal Energy Corporation , the corporate vehicle of the Ayala group that is retiring its coal plant via the energy transition financing mechanism.
InLife, along with ETM Philippines Holdings, Inc. , has a “committed aggregate value of P3.7 billion to support the ETF mechanism implemented by ACEN and SLTEC.” She added that their company is joining “the call for the development of more renewable energy sources through this pioneering transition mechanism.”
The Ayala firm specified that it will be retiring the asset at least 15 years ahead of schedule based on the full life cycle of the coal plant, which can typically stretch for 40 years.
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