Ayala's AC Energy to fund small island renewables in Indonesia

AC Energy International Holdings Pte Ltd, part of of Philippine diversified group Ayala Corp (PSE:AC), has agreed to provide financing for the development of small island renewable power projects in Indonesia with capacities below 50 MW.

AC Energy has struck a development funding deal with UPC Renewables Asia Pacific Holdings Ltd and UPC Renewables Asia I Ltd, Ayala Corp said in a bourse filing on Monday. Under its terms, the Philippine-based group will fund the power generation schemes and will get the right to take part in additional financing initiatives for other renewable energy projects in Indonesia.

UPC Renewables and AC Energy have been collaborating since 2013 when they tied up for the development, construction and operation of an 81-MW wind farm in Ilocos Norte, Philippines. The partners are currently working on the 75-MW Sidrap wind park in Indonesia, which is expected to be completed in February 2018.

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