Ayala Group's subsidiary AC Energy Holdings Inc. has signed an agreement to develop a 75 MW wind power project in Indonesia, which is worth US$150 million.
AC Energy signed investment agreements with UPC Renewables Indonesia Ltd. for the development, construction, and operation of the project in Sidrap, South Sulawesi. The wind farm will be developed through PT UPC Sidrap Bayu Energi, an Indonesia-based special purpose company.
The Sidrap project will have a generating capacity of 75 MW and will be Indonesia’s first utility scale wind farm. It is currently under construction and scheduled to be producing power to the So. Sulawesi PLN grid in late 2017. The project consists of 30 modern and very efficient Gamesa 2.5MW turbines.
Ayala Corp. said the Sidrap project will be funded through equity and project financing to be provided by the Overseas Private Investment Corp., the US government’s development finance institution, and PT Bank Sumitomo Mitsui Indonesia, the Indonesian subsidiary of the Sumitomo Mitsui Banking Corp. of Japan.
UPC Renewables and AC Energy have previously forged a partnership under North Luzon Renewable Energy Corp., the owner and operator of the 81 MW Caparispisan wind farm project in Pagudpud, Ilocos Norte.