CHINESE-FUNDED firm Xidian Holdings Philippines Corp., together with a Singapore-based consortium, will invest $500 million (P24.91 billion) in setting up a new 232-megawatt (MW) wind and solar project in Ilocos Norte, an official of Xidian Holdings said over the weekend.

Xidian Holdings and the Singaporean consortium bought into Energy Logics Philippines in December, making them majority shareholders of the latter. Energy Logics holds solar and wind service contracts in Ilocos Norte.