Filtered By: Money
The energy unit of Ayala Corporation and its partners are developing wind power projects to the extent of 200 megawatts (MW) in Ilocos Norte.
In an e-mailed statement Monday, the company said AC Energy Holdings Inc. signed deals covering an investment framework and a shareholders’ agreement with UPC Philippines Wind Holdco I B.V.—a wholly owned unit of UPC Renewables Partners (UPC) and the Philippine Investment Alliance for Infrastructure (PINAI) fund—to develop renewable energy projects.
PINAI is comprised of the Government Service Insurance System, Dutch pension fund asset manager APG, and Macquarie Infrastructure Holdings (Philippines) Pte. Limited.
AC Energy and UPC Philippines formed joint venture company Northern Luzon UPC Asia Corporation, with an initial equity investment of approximately $220 million.
The equity participation divides into AC Energy’s 64 percent, PINAI's 32 percent, and UPC Philippines' 4 percent which the joint venture deems enough to cover the first 81-MW project to be connected to the Luzon grid starting June 2014.
Last June 17, the Department of Energy issued a declaration of commerciality in favor of the 81-MW project.
Northern Luzon UPC already signed the turbine supply, installation and service availability agreements with Siemens Wind Power A/S and Siemens Inc., and issued the notice go ahead with the project.
Parent Ayala said the project will grow AC Energy’s wind farm portfolio in the Philippines, building on its 50-percent ownership of NorthWind Power Development Corporation—which operates a 33 MW wind farm in Bangui, Ilocos Norte.
Over the past two years, AC Energy established a pipeline of power assets and committed over $300 million of equity in conventional and renewable energy technologies, Ayala noted in the statement.
UPC Renewables brings in nearly 20 years of experience in developing, financing, constructing, owning and operating wind farms in Europe, USA and Asia with gross generating capacities of approximately 2,000 MW.
PINAI, a P26-billion fund dedicated to equity investment in Philippine infrastructure assets, is managed by Macquarie Infrastructure and Real Assets (MIRA), a part of the Macquarie Group. MIRA manages more than $100 billion worth of infrastructure assets globally, including more than 16.7 gigawatts of power generation assets. — Danessa Rivera/VS, GMA News