Ayalas buy out partner in Ilocos Norte wind farm project
AC Energy Philippines Inc. has inked a deal to acquire the ownership of Philippine Investment Alliance for Infrastructure (“PINAI in North Luzon Renewables Energy Corp.
PINAI, a fund composed of Macquarie Infrastructure Holdings (Philippines) Pte. Limited, Langoer Investments Holding B.V. and the Government Service Insurance System (GSIS), has a 31% preferred equity ownership and 15% common equity ownership in NLREC.
NLREC owns and operates an 81 megawattt wind farm in Pagudpud, Ilocos Norte.
Apart from PNAI, other shareholders of NLREC are AC Energy, UPC Philippines and Luzon Wind Energy Holdings (an affiliate of Mitsubishi Corp.).
The acquisition is subject to the approval of the Philippine Competition Commission.
NLREC’s wind farm started commercial operations in November 2014.