Ayala ventures into power generation
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Business
Ayala ventures into power generation
MANILA, March 19 (PNA) -- Local business conglomerate Ayala Corp. has acquired a 50 percent stake in a power generation company in northern Philippines, the NorthWind Power Development Corp.
“Our goal over the next five years is to build a portfolio of power generation assets of over 1,000 megawatts, which include both renewable and traditional forms of energy sources. We believe that opportunities to make early stage investments in the renewable energy space which may have the potential to grow over time given the need to develop alternative sources of energy, in addition to our wind and solar initiatives, we are also developing platforms for hydroelectric power," Ayala president and chief operating officer Fernando Zobel de Ayala said.
Ayala Corporation, which has companies in banking, property, telecommunications and water-distribution businesses, now wants to acquire more power assets.
Ayala purchased the Ilocos wind farm -- the first of its kind in Southeast Asia -- which supplies half of the energy requirements in Ilocos Norte.
The NorthWind Power Development Corp. was organized to develop wind power as a renewable, environment-friendly, and economically feasible source of energy in the Philippines.
Located in the northernmost part of the Luzon Island, in the town of Bangui, Ilocos Norte, the project sells electricity to the Ilocos Norte Electric Cooperative (INEC).
The company had earlier partnered with Japan’s Mitsubishi Corp. to develop solar power facilities in the Philippines. (PNA)
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