As per the agreed terms, the company will initially develop a 81MW wind power project for approximately $220m, with AC Energy funding 64% of equity, while PINAI and UPC will fund 32% and the remaining 4% of equity respectively.
The proposed wind power project is likely to be connected to the national grid by June 2014. It is expected to grow the company’s wind farm portfolio in the Philippines.
Northern Luzon UPC Asia will develop these wind power projects under the agreement. It has also inked turbine supply, installation and service availability agreements with Siemens Wind Power.
The PINAI fund comprises the Government Service Insurance System, APG and Macquarie Infrastructure.
UPC has nearly 20 years of experience in developing, financing, constructing, owning and operating wind farms in Europe, USA and Asia with gross generating capacities of approximately 2,000MW.
