Palm Consolidated Holdings, Palm Concepcion Power and Panay Consolidated Land have signed a deal with AC Energy to build a power generating facility in the Province of Iloilo.

A. Brown said the power plant, which will utilize the latest in clean-coal technology, is anticipated to supply power in Panay and the Visayas grids by 2015.

The project is in an advanced stage of predevelopment and A. Brown said it has done all the preliminary work, including securing important regulatory approvals over the past two years.

Ayala managing director Eric Francia earlier revealed that the company plans to build at least 1,000MW of power-generation capacity in the next five years.