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AC Energy Holdings, Inc., a wholly-owned subsidiary of Ayala Corporation, signed investment agreements with UPC Renewables Indonesia Ltd for the development, construction, and operation of a wind farm project in Sidrap, Indonesia.

In a disclosure to the Philippine Stock Exchange, AC Energy said the project, with a 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 is the first greenfield offshore investment of AC Energy Holdings Inc., through its affiliate, AC Energy International Holdings Pte Ltd., a Singapore private limited company.

The project will cost $150 million, which will be funded through equity and project financing to be provided by the Overseas Private Investment Corp., the U.S. government’s development finance institution, and PT Bank Sumitomo Mitsui Indonesia, the Indonesian subsidiary of the Sumitomo Mitsui Banking Corp..

UPC Renewables and AC Energy Holdings, Inc. are two owners of North Luzon Renewable Energy Corp., the owner and operator of the 81MW Caparispisan wind farm project in Pagudpud, Ilocos Norte. DMS