On September 2, 2015, Ayala International Holdings, Ltd., a wholly owned subsidiary of Ayala Corporation, sold its ownership interest in Luzon Wind Energy Holdings B.V. (“Luzon Wind”) to DGA NLREC B.V.
Luzon Wind owns part of Ayala’s stake in North Luzon Renewable Energy Corp. (“NLREC”), being held by its wholly owned subsidiary AC Energy Holdings, Inc. NLREC owns and operates an 81MW wind farm in Barangay Caparispisan, Pagudpud, Ilocos Norte.
After the sale of Luzon Wind, AC Energy Holdings, Inc. still remains the largest owner of NLREC with an economic stake of approximately 36%.
DGA NLREC B.V. is a wholly owned subsidiary of Mitsubishi Corporation.
Ayala and Mitsubishi Corp. have been partners since 1974, when they signed an agreement to jointly explore investment opportunities in the Philippines.