MANILA, Nov. 22 (PNA) -- AC Energy Holdings Inc. subsidiary Presage Corp. increased its stake in North Wind Power Development Corp. to 67.79 percent from 50 percent.
In a disclosure at the local bourse, AC Energy said it initially took a 50 percent ownership in 2011 but now holds majority control of North Wind Power.
North Wind owns and operates the country’s first feed-in-tariff qualified wind farm in Bangui, Ilocos Norte, which has a capacity of 52 megawatts and sells it output to the Ilocos Norte Electric Cooperative at a rate of PHP8.53 per kilowatt hour.
North Wind also holds a service contract to develop a wind energy project in Aparri, Cagayan.
North Wind Power is a joint venture between AC Energy Holdings and Danish-firm Michigan Power. (PNA)