A new investment fund has selected a wind power project in the Philippines as its first investment.
The Philippine Investment Alliance for Infrastructure (PINAI) is to invest up to $85 million in the 81 MW wind farm located in the north of the Philippines. The project will have two phases, the first of which will add 54 MW of capacity to the grid and be operational by June 2014. It is being developed by a joint venture of AC Energy Holdings and UPC Renewables Partners.
The PINAI fund was established in July 2012 and is partly financed by the Asian Development Bank (ADB). It will own 32 per cent of the project, while AC Energy and UPC will own 64 per cent and 4 per cent respectively.PINAI is a $625 million private equity fund focused exclusively on Philippine infrastructure projects.
According to the Philippine Development Plan, around 12 per cent of the country’s $120 billion investment requirements need to come from the private sector.
PINAI is managed by Macquarie Infrastructure and Real Assets. It is jointly financed by ADB, Philippines’ state-owned pension fund Government Service Insurance System, Dutch pension fund asset manager APG, and the Macquarie Group.
