Ayala buys 50% stake in NorthWind Power for P513 million

Ayala Corp. on Monday said it is paying at least P513 million for acquiring a 50 percent stake in renewable energy producer NorthWind Power Development Corp. Ayala reported that the funds were “sourced from internal cash." NorthWind Power operates a 33-megawatt wind farm in Bangui Bay, Ilocos Norte. The investment marks Ayala's second formal venture in power generation after signing last year a partnership with Japan’s Mitsubishi Corp. for solar power projects in the country. Both wind and solar ventures are being handled by Ayala’s fully owned subsidiary Michigan Power Inc. Last week, 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. Apart from power, Ayala also wants to diversify into toll roads and railways, announcing that it is interested in participating in public auctions for the Aquino administration’s public-private partnership projects. The businesses of the oldest conglomerate in the Philippines are now comprised of real estate development, banking, telecommunications, water infrastructure, and electronics manufacturing. — JE, GMA News