Energy Holdings Inc., the power generation arm of the Ayala Group, has acquired a controlling stake in NorthWind Power Development Corp. (NorthWind).
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, AC Energy said that through its wholly owned subsidiary Presage Corporation (Presage), it has increased its ownership interest in Northwind by an additional 17.79 percent, raising its stake to 67.79 percent from 50 percent previously.
AC Energy did not disclose the financial details of the acquisition.
NorthWind, which developed the country’s first commercial wind farm in Southeast Asia, owns and operates the 52-megawatt (MW) Bangui wind project in Bangui, Ilocos Norte. AC Energy acquired its 50 percent ownership in the company in 2011.
Founded in 2000, NorthWind is a pioneer in the wind sector. The company also has a renewable energy service contract for a wind energy project in Aparri in the province of Cagayan.
AC Energy recently announced its plan to double energy investments to $1.6 billion to achieve a 2,000-MW capacity in the next five years.
Five years since it entered the market in 2011, AC Energy now has seven thermal, wind, and solar assets.
These include the 604 MW GNPower Mariveles and 668 MW GNPower Dinginin in Bataan; 244 MW South Luzon Thermal Energy in Batangas; 552 MW GNPower Kauswagan in Lanao del Norte; 81 MW North Luzon Renewables and 52 MW NorthWind Power in Ilocos Norte; and 18 MW Montesol in Bais, Negros Oriental.
Five of the plants are operational, which collectively deliver about 1,000 MW of power to the grid. The two plants under construction (GNPower Kauswagan and GNPower Dinginin) will add another 1,200 MW to the grid in 2018 / 2019.
In addition to its investment in renewable sources such as wind and solar, AC Energy ensures high environmental standards in its projects by using clean coal technologies such as circulating fluidized bed and super critical technology.
The company recorded P2.1 billion in net income in 2015. In 2016, it registered 2.9 times growth in its first half earnings compared to the same period last year.