AC Energy Philippines is acquiring a stake in the 81 megawatts Caparispisan wind farm in Ilocos Norte being operated by North Luzon Renewables Energy Corp.
In a disclosure to the Philippine Stock Exchange yesterday, AC Energy said its executive committee has allowed the company to sign a share purchase agreement to buy the 31 percent preferred equity ownership and 15 percent common equity ownership of the Philippine Investment Alliance for Infrastructure (PINAI) in the said project.
The acquisition needs an approval of the Philippine Competition Commission.
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, Inc., UPC Philippines, Luzon Wind Energy Holdings, an affiliate of Mitsubishi Corp. and PINAI.
AC Energy owns a 36 percent stake in the Ilocos wind power project.
Based on equity interest in power generation businesses, the entire AC Energy Group owns approximately 1.7 gigawatts (GW) of generation capacity in operations and under construction as it aspires to exceed 5 GW of attributable capacity and generate at least fifty percent of energy from renewables by 2025.