Ayala Corporation, a Philippines-based conglomerate, has forged a wind energy joint venture with UPC Philippines Wind Holdco I and the Philippine Investment Alliance for Infrastructure (PINAI) fund through its subsidiary AC Energy Holdings (ACEHI).
The companies have signed an Investment Framework Agreement and Shareholders’ Agreement to finalize the venture named Northern Luzon UPC Asia Corporation (NLUPC), to develop wind projects in Ilocos Norte.
The first project under the endeavor, an 81MW wind farm will be developed with an investment of $220m being shared 64%, 32% and 4% share by ACEHI, PINAI and UPC, respectively.
Having received commerciality declaration from the Department of Energy, NLUPC has signed agreements with Siemens Wind Power A/S for turbine supply, installation and related services at the wind farm.
Initial phase of the project is scheduled for grid connection by June 2014.
The joint venture, meanwhile, owns additional wind energy projects of over 200MW under development.
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By GlobalDataACEHI is intending to boost its energy portfolio through this project in the country, where it owns 55% stake in NorthWind Power Development Corporation.
PINAI is a PHP26bn ($597.68m) fund formed by Government Service Insurance System, APG and Macquarie Infrastructure Holdings to develop Philippine infrastructure assets and it is managed by Macquarie Infrastructure and Real Assets (MIRA).
UPC has gross generating capacity of 2,000MW through wind farms it operates in Europe, Asia and the US.
