Ayala Group’s AC Energy Holdings has taken over NorthWind Power Development Corp., the company operating the 52 MW wind farm in Bangui, Ilocos Norte.
AC Energy has gained an additional 17.79 percent stake in the NorthWind Power Development Corp. through its subsidiary Presage Corp,increasing its effective ownership interest from 50 per cent to 67.79 percent. AC Energy acquired its 50 per cent ownership in NorthWind in 2011.
Further details on the transaction have not been disclosed.
AC Energy’s stake in Northwind has allowed the company to realize its growth potential at it targets more RE investments.
AC Energy president and CEO John Eric Francia said:
“Our partners offered to sell a portion of their holdings, and we believe that it is a good investment from AC Energy’s point of view. The company has meaningful growth potential as we expand our investments in renewable energy.”