By Juzel L. Danganan
MANILA, Sept. 3 (PNA) — Ayala Corp. said Thursday it sold some of its stake in North Luzon Renewable Energy Corp., the owner and operator of 81-megawatt (MW) wind farm in Ilocos Norte, to a wholly-owned subsidiary of Mitsubishi Corp. on Wednesday.
In a disclosure to the Philippine Stocks Exchange, AyalaCorp. said its wholly-owned subsidiary, Ayala International Holdings, Ltd., sold Wednesday its ownership interest in Luzon Wind Energy Holdings B.V. to DGA NLREC B. V, a wholly-owned subsidiary of Mitsubishi Corp.
The conglomerate did not disclose the stakes sold and the corresponding amount.
However, the company stressed that AC Energy Holdings, Inc. still holds the largest share in the wind farm at about 36 percent.
Earlier reports showed AC Energy has a 64-percent stake on the USD 255-million wind farm project in Barangay Caparispisan, Pagudpud, Ilocos Norte.
The conglomerate also said it has partnered with Mitsubishi Corp. since 1974, after they signed an agreement to jointly explore investment opportunities in the country.
The generated power from Caparispisan project assumed a Feed-in Tariff allowance of Php 8.53 per kilowatthour from Nov. 11, 2014 to Nov. 10, 2034
The wind farm is a joint-venture of Ayala’s subsidiary AC Energy Holdings Inc., the Philippine Alliance for Infrastructure (32 percent) and the UPC Philippines Wind Holdco (4 percent).
AC Energy Holdings, Inc. develops and operates power generation facilities ranging from solar, wind, and mini-hydros. It was formerly known as Michigan Power Inc. and changed its name to AC Energy Holdings, Inc. in May 2011. (PNA)