Philippine diversified group Ayala Corp has reduced its stake in the owner and operator of the 81 MW Caparispisan wind farm in Ilocos Norte by selling a unit to an affiliate of Mitsubishi Corp.
Ayala has sold its interest in Luzon Wind Energy Holdings BV to DGA NLREC BV for an undisclosed sum. Luzon Wind is the owner of a portion of Ayalaâ€™s total stake in North Luzon Renewable Energy Corp (NLREC), which runs the wind park.
Following the transaction, another company fully owned by Ayala, namely AC Energy Holdings Inc, continues to be NLRECâ€™s largest shareholder with a roughly 36% economic stake.
The USD-220-million (EUR 197m) Caparispisan wind farm was completed in November 2014. It consists of 27 turbines.
Ayala and Mitsubishi have been partners since 1974, when they signed an agreement to jointly explore investment opportunities in the Philippines.
Originally from SeeNews Renewables