MANILA, Philippines - Ayala Corp. said Wednesday its energy unit has signed a joint venture deal with Trans-Asia Oil and Energy Development Corp. for a P12.6 billion thermal power plant in Calaca, Batangas.

In a disclosure to the stock exchange, the country's oldest conglomerate said the 135-megawatt power plant will employ the environment-friendly circulating fluidized bed boiler technology.

The plant is expected to start commercial operations by mid-2014.

"The project cost will be financed by a combination of debt and equity," it added.

Ayala's AC Energy Holdings also recently formed joint ventures in solar and mini-hydro power. It acquired a 50% stake in Northwind Power, which operates a wind farm in Bangui, Ilocos Norte.

Trans-Asia, on the other hand, has been awarded service contracts with potential wind capacity of 350MW.