AC Energy Holdings Inc., through its unit Presage Corp. (Presage), has increased its stake in NorthWind Power Corp. (NorthWind) to 67.79 percent.
“AC Energy Holdings Inc., through its wholly owned subsidiary Presage Corp., acquired an additional 17.79-percent stake in NorthWind Power Development Corp., increasing AC Energy’s effective ownership interest in NorthWind from 50 percent to 67.79 percent,” the power firm said on Tuesday. AC Energy acquired its 50-percent ownership in the company in 2011.
NorthWind developed the country’s first commercial wind farm, owns and operates the 52-megawatt (MW) Bangui wind project in Bangui, Ilocos Norte.
It also has a renewable-energy service contract for a wind-energy project in Aparri, Cagayan. Aside from NorthWind, AC Energy is also involved in the 81-MW wind farm of affiliate North Luzon Renewable Energy Corp. in Pagudpud, Ilocos Norte.
The company is also involved in another renewable-energy project, the 18-MW Monte Solar Energy Inc., a joint undertaking with Bronzeoak Clean Energy Inc.
“The renewable-energy revolution is upon us and we are gearing up the organization for this new reality.
We will also harness synergies across the Ayala Group to achieve this goal,” AC Energy President John Eric Francia said. “We expect renewable energy to be more competitive over the next five years, and this will be good from a sustainability, diversification and resiliency standpoint.”
Also, AC Energy is involved in a wind project overseas. He said a “less than 100-MW” wind-power project in Indonesia will start soon. This will be the company’s first overseas project in partnership with international and local partners. “In the next few months, we will be breaking ground in our next project in Indonesia,” Francia said earlier.
AC Energy is targeting another 1,000 MW of additional capacity from the current 1,000 MW already put in place together with partners.
