AC Energy Holding signs investments worth $150 million

AC Energy Holding, Inc., a wholly owned energy-focused company of the Ayala Corporation, has signed investment agreements worth $150 million with UPC Renewables Indonesia Limited to develop, construct and operate a 75 MW wind power project in South Sulawesi, Indonesia. The wind farm will be developed through PT UPC Sidrap Bayu Energi, a special purpose company based in Indonesia. The project will be AC Energy’s first greenfield offshore investment through its affiliate AC Energy International Holdings Pte Limited, a Singapore-based private limited company. It will be funded through equity and project financing to be provided by the Overseas Private Investment Corporation, the US government’s development finance institution, and PT Bank Sumitomo Mitsui Indonesia, a subsidiary of Japan-based Sumitomo Mitsui Banking Corporation.  The project is likely to be completed by end-2017.