With a generating capacity of 75 megawatts (MW), the Sidrap Project is the first greenfield offshore investment of AC Energy
MANILA, Philippines (Jan. 11, 2017) — A subsidiary of Ayala Corporation has sealed a deal to build, develop, and operate the first utility-scale wind farm in Indonesia, which is worth $150 million.
In a disclosure to the Philippine Stock Exchange, AC Energy Holdings Incorporated said on Wednesday, January 11, it signed investment deals with UPC Renewables Indonesia Limited for the development, construction, and operation of a wind farm project in Sidrap, South Sulawesi, Indonesia.
With a generating capacity of 75 megawatts (MW), AC Energy said the Sidrap project is targeted for completion by the end of 2017.
“The Sidrap Project is the first greenfield offshore investment of AC Energy, through its affiliate, AC Energy International Holdings Private Limited, a Singapore private limited company,” Ayala said in the disclosure.
AC Energy said the project will be developed through PT UPC Sidrap Bayu Energi, a special purpose company based in Indonesia.
According to the Ayala subsidiary, the Sidrap wind farm deal will be funded through equity and project financing to be provided by the Overseas Private Investment Corporation, the US government’s development finance institution, and the Indonesian subsidiary of the Sumitomo Mitsui Banking Corporation of Japan.
UPC Renewables Indonesia – AC Energy’s partner for the Sidra project – is a leading global energy player that develops, finances, constructs, owns, and operates a portfolio of wind power generation assets.
The company and its proponents have successfully developed and operated renewable energy projects in Italy, the US, Canada, China, and the Philippines.
UPC Renewables and AC Energy are two of the owners of North Luzon Renewable Energy Corporation, which is the owner and operator of the 81-MW Caparispisan wind farm project in Pagudpud, Ilocos Norte.
UPC said on its Website that it is currently developing projects in Algeria, China, Indonesia, Morocco, the Philippines and across Tunisia with a project pipeline of more than 5,000 MW.