In a disclosure to the stock exchange
on Tuesday, Ayala Corp. said AC Energy through its unit Presage Corp. had acquired an additional 17.79% in NorthWind Power Development Corp., bringing its stake to 67.79% from 50% previously.
“NorthWind is the pioneer in the wind sector. NorthWind also has a renewable energy service contract for a wind energy project in Aparri, province of Cagayan,” AC Energy said.
AC Energy said NorthWind developed the country’s first commercial wind farm, and owns and operates the Bangui wind project. The company acquired its 50% ownership interest in the unit in 2011.
NorthWind is a joint venture between AC Energy and NorthWind founders Niels Jacobsen, and lawyers Ferdinand A. Dumlao and Jose Ildebrando B. Ambrosio.
The first phase of the NorthWind project in Bangui Bay is made up of 15 wind turbines. The second phase, completed in August 2008, added five wind turbines, bringing total capacity to 33 MW. The third phase added six new wind turbines with an installed capacity of 19 MW. It was completed in 2014.
The additional stake in the wind farm is in line with AC Energy’s goal of increasing the share of renewable energy in its portfolio of installed capacity.
John Eric T. Francia, AC Energy president and chief executive officer, said in a briefing last month that the company was targeting by 2020 to double its installed capacity to 2,000 MW.
Of the new target, AC Energy expects 60% to come from renewable energy sources, including solar and wind technologies. The renewables target is a marked departure from AC Energy’s current portfolio mix, 94% of which is sourced from coal-fired power plants.
The company has a 20.03% stake in the 604-MW GNPower Mariveles Coal Plant Ltd. Co.; 50% in the 668-MW GNPower Dinginin Ltd. Co.; 50% in the 244-MW South Luzon Thermal Energy Corp.; and 80.07% in the 552-MW GNPower Kauswagan Ltd. Co.
Its investments in renewables make up a little over 6% of its 1,088 MW installed capacity as of this year. Aside from its NorthWind stake, the company also holds 35.8% in the 81-MW North Luzon Renewable Energy Corp. and around 78% in the 18-MW Monte Solar Energy, Inc.
