THE AYALA group has trimmed its stake in the company that owns and operates the 81-megawatt wind farm in Pagudpud, Ilocos Norte.
In a disclosure to the Philippine Stock Exchange on Thursday, Ayala Corp. said its wholly owned subsidiary Ayala International Holdings Ltd. had sold its ownership interest in Luzon Wind Energy Holdings BV (Luzon Wind) to DGA NLREC B.V., a wholly owned subsidiary of Mitsubishi Corp.
Luzon Wind owns part of Ayala’s stake in North Luzon Renewable Energy Corp. (NLREC), being held by its wholly-owned subsidiary AC Energy Holdings Inc. NLREC, in turn, owns and operates the wind farm in Barangay Caparispisan in Pagudpud, Ilocos Norte.
“After the sale of Luzon Wind, AC Energy Holdings, Inc. still remains the largest owner of NLREC with an economic stake of approximately 36 percent,” AC said.
AC and Mitsubishi have been partners since 1974, when they signed an agreement to jointly explore investment opportunities in the Philippines.