A UNIT of Ayala Corp. has closed a deal to secure additional funding to build the fourth unit of its 540-megawatt (MW) coal-fired power plant in Mindanao, the holding company told the stock exchange on Monday.

In a disclosure, Ayala Corp. said its wholly owned subsidiary AC Energy Holdings, Inc. had achieved financial closure for the project, which it estimated to cost $1 billion to be funded by 70% debt and 30% equity.

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