AC Energy Corp. signed a subscription agreement with its subsidiary, Pagudpud Wind Power Corp. (PWPC) for 3,033,255 common shares and 27,299,298 class A redeemable preferred shares for an initial payment of P1.76 billion.
The company said the money will be utilized by PWPC to subscribe to shares in Bayog Wind Power Corp. for the latter to fund initial works for the construction of the 160 megawatts (MW) Balaoi and Caunayan wind power project in Ilocos Norte with the balance to be paid until first quarter of next year.
The PP11.4- billion project will be undertaken with UPC Renewables and will the biggest wind farm in the Philippines.
The project’s target completion is fourth quarter next year, in time for full year operations in 2023 when supply in the Luzon energy market is expected to be tight.
It will be the third wind development of AC Energy in Ilocos Norte along with the 52 MW NorthWind wind farm in Bangui and the 81 MW North Luzon Renewables wind farm in Pagudpud.
