By Lenie Lectura – October 20, 2020
from Business Mirror
AC Energy Inc. on Monday announced its second solar farm project in India valued at $36 million.
“Fresh off the back of its maiden investment in India last July 2020, Ayala Corporation’s energy arm, AC Energy, continues to expand its renewables business in the country with the development of the 70 MWp Paryapt Solar through UPC-AC Energy Solar, the company’s joint venture with UPC Solar Asia Pacific,” the company said in a statement.
UPC-AC Energy Solar is a 50-50 joint venture company between AC Energy, through AC Renewables International Pte. Ltd., and UPC Renewables, through UPC Solar Asia Pacific Limited for the development, construction and operations of solar projects in the Asia- Pacific region.
The Paryapt Solar power project is expected to start power generation in the first half of 2021. UPC-AC Energy Solar won the 25-year power supply agreement for the project via a competitive bid at INR 2.55 per kilowatt hour.
It will be located in the Amreli District of the State of Gujarat, one of the first states to develop solar generation capacity in India, with its own target to set up 8000MW of solar power by 2022.
AC Energy’s first solar power project in India, the 140MW Sitara Solar plant in Rajasthan, is also expected to commence with power generation in the same period.
India has emerged as a country with one of the biggest renewable energy expansion programs, with support from the government and investors driving the growth. It has set for itself an ambitious target of 175 GW renewables capacity by 2022 through 100 gigawatt hour (GW) from solar, 60 GW from wind, 10 GW from bio-power, and 5 GW from hydro power.
The partnership between AC Energy and UPC Renewables started in 2013 with North Luzon Renewables for the 81MW wind farm project in Pagudpud, Ilocos Norte.
In January 2017, the two groups invested in PT UPC Sidrap Bayu Energi, developer of a 75 MW wind farm in South Sulawesi, Indonesia. Both are also involved in two wind projects, with an aggregate capacity of 60MW, in Vietnam.
AC Energy earlier announced plans to integrate its international business, and recently received the Philippine Stock Exchange’s nod to change its stock symbol from ACEPH to ACEN.
The shift to ACEN, it explained, signifies the forthcoming integration of AC Energy’s onshore and offshore business into a unified platform, as it aspires to become the largest listed renewables platform in Southeast Asia, with the goal of reaching 5000 MW of renewables capacity by 2025.
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