AC Energy Corporation (ACEN), a subsidiary of Ayala Group, has signed a PHP7 billion subscription agreement to support the construction of a 160 MW wind farm and a 283 MW solar power plant in the Philippines.
The subscription agreement has been signed with Bayog Wind Power Corporation, the developer of the Pagudpud wind project in Ilocos Norte, as well as with Santa Cruz Solar Energy Incorporated, the developer of the San Marcelino solar farm in Zambales.
AC Energy will gain a 100 per cent interest in the wind project following the previously announced acquisition of Bayog Wind Power.