AC Energy Philippines to acquire an 18% stake in North Luzon Renewable Energy from PINAI.

AC Energy Philippines, the energy platform of conglomerate Ayala Corporation, agreed to acquire an 18% stake in North Luzon Renewable Energy, which owns and operates an 81-megawatt wind farm in Pagudpud, Ilocos Norte, from PINAI, a fund composed of Macquarie Infrastructure, Langoer Investments and the Government Service Insurance System. Financial terms were not disclosed. AC Energy said the acquisition is subject to definitive documentation and approval by the Philippine Competition Commission.