Making inroads in the Indian renewable energy sector, AC Energy, the energy platform of Philippines-based Ayala Corp has announced its plan to develop a 140MW solar plant in India.
This is the first major investment by AC Energy in India, and the company will be developing the new project in a joint venture with UPC Solar Asia Pacific – the Asia-Pacific arm of UPC Renewables, a leading renewable energy developer in the region.
"The JV, UPC-AC Energy Solar is set to develop Sitara Solar which would boost its total renewable capacity to 1,200MW," AC Energy said in a statement.
The $68 million facility will be set up in Rajasthan and is expected to start generating power by the first quarter of 2021.
“India is one of the world’s largest and fastest-growing markets for renewable energy. We look forward to participating in this market as we continue to expand around the region,” said Eric Francia, AC Energy president, and CEO.
UPC-AC Energy Solar has set the target of construction of a portfolio of over 1GW in the next few years, with an initial focus on India, South Korea, and Taiwan. AC Energy will be investing US $20 million through a development loan and expects to provide all the construction equity required for these projects.
