AC Energy Holdings, Inc. (ACEHI), a wholly owned subsidiary of Ayala Corporation, has signed an Investment Framework Agreement and Shareholders' Agreement with UPC Philippines Wind Holdco I B.V., a wholly owned company of UPC Renewables Partners (UPC) and the Philippine Investment Alliance for Infrastructure (PINAI) fund to develop wind power projects in Ilocos Norte through Northern Luzon UPC Asia Corporation (NLUPC) as their joint venture company.

An initial equity investment has been agreed for the first 81MW project with an investment value of approximately US$220 million with ACEHI funding 64% of equity, PINAI 32% and UPC 4%.

The 81MW project received a declaration of commerciality on June 17, 2013 from the Department of Energy. Accordingly, NLUPC has signed the Turbine Supply, Installation and Service Availability Agreements with Siemens Wind Power A/S and Siemens Inc. and has issued the Notice to Proceed. The project's initial phase is expected to be connected to the grid by June 2014. The joint venture company has a portfolio of additional wind energy projects of over 200MW under development.

The project will grow ACEHI's wind farm portfolio in the Philippines, building on its current 50% ownership of NorthWind Power Development Corporation which already operates a 33 MW wind farm in Bangui, Ilocos Norte.

UPC has nearly 20 years of experience in developing, financing, constructing, owning and operating wind farms in Europe, USA and Asia with gross generating capacities of approximately 2,000MW.

PINAI is a Php26 billion fund dedicated to equity investment in Philippine infrastructure assets. PINAI is managed by Macquarie Infrastructure and Real Assets (MIRA), part of Macquarie Group. PINAI's investors include the Government Service Insurance System, Dutch pension fund asset manager APG, the Asian Development Bank and Macquarie Group.