Sun.Star Cebu - - BUSINESS - PNA

Ayala Corp. has signed a deal with UPC Re­new­ables In­done­sia Ltd. for the con­struc­tion and op­er­a­tion of a $150-mil­lion wind farm project in Sidrap, South Su­lawesi, In­done­sia, its first green­field off­shore in­vest­ment. Ayala told the lo­cal bourse the Sidrap project was an in­vest­ment of its sub­sidiary AC En­ergy Hold­ings Inc., through its af­fil­i­ate, AC En­ergy In­ter­na­tional Hold­ings Pte Ltd. The wind farm project, with gen­er­at­ing ca­pac­ity of 75 megawatts, is tar­geted for com­ple­tion by the end of 2017, and will be the first util­ity-scale wind farm project in In­done­sia once com­pleted. The project will be funded through eq­uity and project fi­nanc­ing to be pro­vided by the Over­seas Pri­vate In­vest­ment Corp., the United States gov­ern­ment’s de­vel­op­ment fi­nance in­sti­tu­tion, and PT Bank Su­mit­omo Mit­sui In­done­sia, the In­done­sian sub­sidiary of the Su­mit­omo Mit­sui Bank­ing Corp. of Ja­pan. /

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