AC Energy Corporation has announced plans to invest PHP3 billion, through a subsidiary, in a 160MW Balaoi & Caunayan wind farm in Ilocos Norte. The construction on the PHP11.4 billion farm has started recently.
AC Energy has subscribed to 3 million common shares as well as 27.3 million Class A redeemable preferred shares of Pagudpud Wind Power Corporation (PWPC) to provide the necessary funds. Each share costs PHP100. PWPC will invest the raised revenue in Bayog Wind Power Corporation (BWPC), the company that is constructing the Balaoi & Caunayan farm project.
The contribution from PWPC will be used by BWPC to finance preliminary work related to the project’s start-up. AC Energy will have a balance of 2,000 MW in renewable assets once construction for the project is completed in the fourth quarter of 2022.