Ayala Group’s AC Energy Holdings has taken over the company operating the 52-megawatt wind farm in Bangui, Ilocos Norte.
AC Energy has gained an additional 17.79 percent stake in the NorthWind Power Development Corp. through its subsidiary Presage Corp, the company announced in a disclosure to the Philippine Stock Exchange.
“Our partners offered to sell a portion of their holdings, and we believe that it is a good investment from AC Energy’s point of view,” AC Energy president and CEO John Eric Francia said.
With the acquisition, AC Energy now owns 67.79 percent of the Northwind Project.
AC Energy’s stake in Northwind has allowed the company to realize its growth potential at it targets more RE investments, Francia said.
“The company has meaningful growth potential as we expand our investments in renewable energy,” he said.
NorthWind owns and operates the 52 MW Bangui Wind project in Ilocos, the first commercial wind farm in the country and in Southeast Asia.
Aside from the Northwind project, AC also has the 81 MW wind farm in Pagudpod, Ilocos Norte through the North Luzon Renewable Energy Corp. (NLREC) and the 18 MW solar plant in Negros Oriental – a joint under taking with Bronzeoak Clean Energy Inc.
Ayala’s power investment group targets to double its capacity to 2,000 by 2020, closing its gap between fossil and RE.