Ayala acquires 50% stake in Ilocos wind farm

Diversified conglomerate Ayala Corp. has acquired a 50 percent stake in renewable energy producer NorthWind Power Development Corp. at an undisclosed price. In a disclosure to the Philippine Stock Exchange Thursday, Ayala said the acquisition was made via its wholly owned subsidiary Michigan Power Inc. The Philippines' oldest corporation said the acquired stake belonged to the shareholders of NorthWind, which owns and operates a 33-megawatt wind power facility in Bangui Bay, Ilocos Norte. Ayala president and chief operating officer Fernando Zobel de Ayala said that in the next five years, the firm intends to build a portfolio of power generation assets of over 1,000 megawatts. "We believe there are opportunities... in the renewable energy space which may have the potential to grow over time given the need to develop alternative sources of energy," he said. Last year, Ayala Corp. formed a joint-venture company with Mitsubishi Corp. of Japan for the development of solar power project in the Philippines. — JE, GMA News