AC Energy completes acquisition of Pagudpud wind farm operator

ABS-CBN News

Posted at Feb 28 2020 11:10 AM

MANILA – Ayala Corp's energy unit said Friday it completed its acquisition of shares in the operator of a wind farm in the northern Philippines for P2.573 billion, increasing its clean power footprint.

AC Energy said it acquired Philippine Investment Alliance for Infrastructure's shares in Philippine Wind Holdings Corp, which owns 67 percent of North Luzon Renewables Corp, the owner and operator of a 81-megawatt wind farm in Pagudpud, Ilocos Norte.

In a disclosure to the stock exchange, the Ayala unit said the acquisition would help it reach its goal of achieving 2 GW of attributable renewable energy capacity by 2025.

AC Energy’s acquisition of shares “will not likely result in substantial lessening of competition," according to the disclosure, citing a Feb. 4 decision by the Philippine Competition Commission.