The Ayala Group has made another significant investment in the power generation business by buying half the participating stake in a 33-megawatt wind farm in Ilocos Norte.
Ayala Corp. did not disclose how much it paid for the 50 percent effective interest in NorthWind Power Development Corp., owner and operator of the wind farm at Bangui Bay, Ilocos Norte.
Ayala said its unit Michigan Power Inc. was the corporate vehicle used for the acquisition.
The wind farm has 20 wind turbines and is the first commercial wind-driven power plant in Southeast Asia.
The project started operations in 2005. Output sold to the Ilocos Norte Electric Cooperative represents 40 percent of the total requirements of the cooperative.
The Ayala Group made its initial foray into the power industry in November last year, when it announced the infusion of P112.5 million into Michigan Power.
The company also said that it has entered into a partnership with Diamond Generating Asia Ltd. (DGA), a unit of Mitsubishi Corp., to explore opportunities in solar power in the country.
DGA was established in April 2009 to invest in and develop independent power producer projects in Southeast Asia and Taiwan. DGA owns stakes in other power generation projects in Thailand and Taiwan.
DGA is also developing large, coal-fired and thermal power generation projects in Vietnam and Indonesia, and plans to help develop new projects as well elsewhere in Southeast Asia where there is an expected considerable rise in demand for electricity.
Ayala also said that MPI and DGA have formed a joint venture company, PhilNewEnergy Inc., which will undertake exploration and pre-development of possible solar projects.
The Ayala Group, in a tie-up with Metro Pacific Investment Corp. and the Lopez Group, earlier participated in a bid to acquire the power component of the Angat hydroelectric power plant.
The group lost to Korea Water Resources Development Corp., a newcomer in the local energy sector.
