The company earlier on said it plans to invest heavily on renewable energy as part of the Philippine government’s own target for renewables to account for 35 percent of the country’s energy output by 2030.

Ayala-led AC Energy, Inc. is slated to acquire the Philippine Investment Alliance for Infrastructure’s (PINAI) stake in North Luzon Renewables Energy Corp., a joint venture which owns and operates an 81-megawatt (MW) wind farm in Pagudpud, Ilocos Norte.

The Ayala Group’s power generation arm said it has authorized the signing of the share purchase agreement with PINAI in an executive meeting held 21 October.

“PINAI, a fund composed of Macquarie Infrastructure Holdings (Philippines) Pte. Limited, Langoer Investments Holding B.V. and the Government Service Insurance System (GSIS), effectively has a 31 percent preferred equity ownership and 15 percent common equity ownership in North Luzon Renewables,” AC Energy said in a disclosure to the stock exchange on 4 November.

The agreement is still subject to the Philippine Competition Commission’s approval.

North Luzon Renewables is a joint venture between AC Energy, UPC Philippines, Mitsubishi Corp.-affiliate Luzon Wind Energy Holdings and PINAI. AC Energy currently has a 36 percent economic stake in it.

Commencing operations in 2014, the wind farm utilizes 27 units of Siemens SWT-3.0-101 wind turbines which has an installed capacity of 3 MW each.

The transaction is part of AC Energy’s initiatives supporting its target to have 5 gigawatts of renewable energy capacity by 2025.

The company earlier on said it plans to invest heavily on renewable energy as part of the Philippine government’s own target for renewables to account for 35 percent of the country’s energy output by 2030.

AC Energy’s net income rose to P23.2 billion in the first half of the year, from P2.1 billion in the same period in 2018, aided by the partial divestment of its thermal assets.