MANILA - Ayala Corp. said Wednesday it signed an agreement with UPC Renewables Indonesia to invest in a wind farm project.
The $150 million facility in Indonesia, called the Sidrap Project, will have a generating capacity of 75 megawatts one completed by the end of 2017, the company told the stock exchange.
It will be the first utility-scale wind farm project in Indonesia and will be developed through special purpose company PT UPC Sidrap Bayu Energi, Ayala said.
The project is the first greenfield offshore investment of AC Energy Holdings Inc., through its affiliate, AC Energy International Holdings Pte Ltd., a Singapore private limited company.
Ayala Corp. shares were up 0.38 percent to P796 on Wednesday.