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Philippine conglomerate Ayala Corp has bought a 50 per cent stake in a company that operates a 33 MW wind farm in northern Ilocos Norte province, and is eyeing investments in hydropower projects.
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The country's oldest conglomerate said the group plans to expand its power assets after it started exploring renewable energy ventures under a partnership with a unit of Japan's Mitsubishi Corp last year.
"Our goal over the next five years is to build a portfolio of power generation assets of over 1000 MW, which include both renewable and traditional forms of energy sources," Fernando Zobel de Ayala, president of Ayala Corp, said in a statement.
"We believe there are opportunities to make early stage investments in the renewable energy space which may have the potential to grow over time given the need to develop alternative sources of energy," he said.
"In addition to our wind and solar initiatives, we are also developing platforms for hydroelectric power."
Ayala Corp, through its wholly owned unit Michigan Power Inc, acquired a 50 per cent stake in NorthWind Power Development Corp, which owns and operates Southeast Asia's first commercial wind farm equipped with 20 wind turbines.
The Philippines, which has some of Asia's highest power costs, is accelerating plans to rehabilitate existing generation facilities and build new ones, with supply expected to hit critical levels next year.
The government, whose budget deficit hit a record high in peso terms last year, is relying on mainly the private sector to invest in new generation capacities.
San Miguel Corp, the country's most valuable firm and the largest power producer on the main Luzon island, plans to spend $5 billion to put up additional power capacity of 3000 MW in five years.
Aboitiz Power has plans to invest in two new coal-fired power plants with a combined capacity of 600 MW. GNPower Co Ltd of the United States is building a 600 MW coal-fired power plant in Bataan province northwest of Manila, with the facility expected to operate in 2013.