Ayala Corporation, through Michigan Power, Inc., a 100%-owned subsidiary, acquired a 50% effective stake in NorthWind Power Development Corporation (NorthWind). NorthWind owns and operates the 33-MW wind farm located in Bangui Bay, Ilocos Norte. The wind farm has 20 wind turbines and is the first commercial wind farm ever established in Southeast Asia. The 50% stake was acquired from existing shareholders of NorthWind.
This is part of Ayala’s initiative to enter the power sector and comes after the company’s recent joint venture with Mitsubishi Corporation on solar power. Ayala Corporation President and COO, Mr. Fernando Zobel de Ayala said, “Our goal over the next five years is to build a portfolio of power generation assets of over 1,000 megawatts, which include both renewable and traditional forms of energy sources. We believe there are opportunities to make early stage investments in the renewable energy space which may have the potential to grow over time given the need to develop alternative sources of energy. In addition to our wind and solar initiatives we are also developing platforms for hydro electric power.”
The above disclosure was made by Ayala managing director for corporate strategy and development Eric T. Francia.