Ayala Corp.’s wholly-owned unit AC Energy has signed an investment agreement to develop a $150-million wind power project in Indonesia.
The company partnered with UPC Renewables Indonesia Ltd. for the development, construction and operation of a 75-megawatt wind project in Sidrap, South Sulawesi, Indonesia.
The wind farm, once completed by the end of the year, will be the first utility-scale wind farm project in Indonesia.
This will also be AC Energy’s first greenfield offshore investment through AC Energy International Holdings Pte Ltd., its affiliate in Singapore.
The project will be funded through equity and project financing will be given through the US government’s development finance institution, Overseas Private Investment Corp., and PT Bank Sumitomo Misui Indonesia.
UPC Renewables and AC Energy previously partnered under the North Luzon Renewable Energy Corp. which owns and operates the 81-MW Caparispisan wind farm project in Pagudpud, Ilocos Norte.
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