AC Energy acquires Ilocos wind farm

By Jordeene B. Lagare – February 29, 2020
from The Manila Times

AC Energy Philippines Inc. (ACEPH) said on Friday it has completed the acquisition of an 81-megawatt wind farm in Pagudpud, Ilocos Norte for P2.573 billion. In a disclosure, ACEPH said the transaction was made through its wholly owned subsidiary Giga Ace 1 Inc., designated to finalize the deal. Prior to that, the Ayala Group’s power business infused over a P2.5-billion investment in Giga Ace 1 following the signing of subscription agreement with the latter. The deal paved the way for Giga Ace 1 to purchase ownership interest of the Philippine Investment Alliance for Infrastructure in Philippine Wind Holdings Corp., which owns 67 percent of North Luzon Renewables Corp. “The company will have a 31 percent effective preferred equity ownership and a 15 percent effective common equity ownership in North Luzon Renewables. ACEPH shares tumbled by 1.90 percent to end at P2.06 each on Friday.