Ayala Corporation’s subsidiary AC Energy Holdings (ACEHI) has inked an investment framework agreement and shareholders’ agreement with UPC Philippines Wind Holdco I and the Philippine Investment Alliance for Infrastructure (PINAI) fund to develop wind projects.
As part of the joint venture, the entities have together formed a developing company Northern Luzon UPC Asia Corporation (NLUPC) to build wind energy projects in Ilocos Norte.
The companies are set to build 81MW plant with an investment of $220m, of which 64% equity is being provided by ACEHI and remaining is invested by PINAI (32%) and UPC (4%).
NLUPC has awarded a turbine supply, installation and service availability contract with Siemens Wind Power A/S and Siemens for the project that has secured declaration commerciality earlier on 17 June 2013.
First phase of the project is scheduled to be connected to the grid by June 2014, according to the company.
Meanwhile, NLUPC owns a wind energy portfolio of nearly 200MW that is currently under development.
PINAI is a PHP26bn ($597.68m) fund formulated by Government Service Insurance System, APG and Macquarie Infrastructure Holdings to develop Philippine infrastructure assets. It is managed by Macquarie Infrastructure and Real Assets (MIRA), a subsidiary of Macquarie Group.