Philippines: Ayala unit takes controlling stake in NorthWind Power

AC Energy Holdings Inc, the power arm of Philippine conglomerate Ayala Corp, has acquired a controlling stake in NorthWind Power Development Corp.

Ayala reported that AC Energy, through its wholly owned subsidiary Presage Corp, acquired an additional 17.79 per cent stake in NorthWind, increasing its effective ownership interest from 50 per cent to 67.79 per cent.

Financial details were not disclosed.

NorthWind, which developed the first commercial wind farm in Southeast Asia, owns and operates the 52-MW Bangui wind project in Bangui, Ilocos Norte.

Also Read: Philippines: Ayala unit doubles energy investment at $1.6b

AC Energy acquired its 50 per cent ownership in NorthWind in 2011.

Founded in 2000, NorthWind also has a renewable energy service contract for a wind energy project in Aparri, province of Cagayan.

AC Energy recently announced its plan to double energy investments at $1.6 billion to achieve a 2,000-MW capacity in the next five years.

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The firm’s initial estimate was P40 billion but this was increased eventually with the additional 1,000-MW capacity goal by 2020, and that around 60 per cent of this could be spent on renewable energy, like solar, wind, including geothermal projects.

According to AC Energy president John Eric Francia, the company could cater to both local and foreign power markets.

Besides wind power, AC Energy also has several thermal and solar assets in the Philippines.

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