January 11 (SeeNews) - Philippine diversified group Ayala Corp (PSE:AC) announced on Wednesday that its fully-owned unit AC Energy Holdings Inc has entered into an investment agreement for a 75-MW wind farm in Indonesia.
The contract, which covers the development, construction and operation of the wind power plant, was signed with UPC Renewables Indonesia Ltd. Under the terms of the deal, the project will be developed through local special purpose company PT UPC Sidrap Bayu Energi.
The USD-150-million (EUR 142.3m) scheme will be funded through equity and project financing from the US Overseas Private Investment Corp and the Indonesian subsidiary of the Sumitomo Mitsui Banking Corp of Japan.
The park will be located in Sidrap, South Sulawesi. Upon completion in end-2017, it will become the first utility-scale wind farm in the country, according to the statement.
UPC Renewables and AC Energy Holdings are among the owners of North Luzon Renewable Energy Corp. The latter owns and operates the 81-MW Caparispisan wind farm in Pagudpud, the Philippine province of Ilocos Norte.
(USD 1.0 = EUR 0.949)