Ayala-led power generation firm AC Energy said the Philippine Competition Commission (PCC) has approved its acquisition of more stakes in the 81 megawatts (MW) Caparispisan wind farm in Ilocos Norte that is being operated by North Luzon Renewables Energy Corp.
In a disclosure to the Philippine Stock Exchange yesterday, the company said it received the PCC document dated January 28 on Tuesday after trading hours.
The PCC noted the P2.7-billion transaction “will not likely result in substantial lessening of competition” and resolved “to take no further action with respect to the transaction.”
AC Energy will now officially acquire 31 percent preferred equity ownership and 15 percent common equity ownership of the Philippine Investment Alliance for Infrastructure (PINAI) in the said project.
PINAI is a fund composed of Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding B.V. and the Government Service Insurance System.
North Luzon Renewables is a joint venture of AC Energy, UPC Philippines, Luzon Wind Energy Holdings, an affiliate of Mitsubishi Corp. and PINAI.
Prior to this development, AC Energy already owns 36 percent stake in the Ilocos wind power project.
Apart from the Ilocos project, AC Energy’s current wind power portfolio includes a 54 MW wind farm in San Lorenzo, Guimaras
Based on equity interest in power generation businesses, the AC Energy group owns approximately 1.7 gigawatts (GW) of generation capacity in operation and under construction. It aspires to exceed 5 GW of attributable capacity and generate at least 50 percent of energy from renewables by 2025.
