AC Energy Philippines has taken action to boost its stake in renewable energy firm North Luzon Renewables Energy Corp., according to several media sources.
The company, which already owns a 36 percent interest in the company, has signed a share purchase agreement with the Philippine Investment Alliance for Infrastructure (PINAI) to acquire its 31 percent preferred equity ownership interest and 15 percent common equity ownership in North Luzon Renewables.
Financial terms were not disclosed.
North Luzon Renewables operates a 81-megawatt wind farm in Pagudpud, a town on the north coast of Luzon in the Philippines. It launched commercial operations in 2014.
The company is a joint venture of AC Energy Philippines’ parent firm AC Energy, UPC Philippines, Luzon Wind Energy Holdings, an affiliate of Mitsubishi Corp. and PINAI. PINAI is a fund comprising Macquarie Infrastructure Holdings (Philippines), Langoer Investments Holding B.V. and the Government Service
