AC Energy JV starts building 300-MW solar farm in India

• AC Energy Corp (PSE: ACEN) today revealed the beginning of construction of a 300-MW/420-MWp solar project in India, a 3rd joint project of the Philippine business as well as UPC Renewables in the country.

UPC-AC Energy Solar, a joint venture in between AC Energy and also UPC Solar Asia Pacific, brought online its two first Indian projects, of 140 MWp and 70 MWp, in the second quarter of 2021.

The third project, Masaya Solar farm, lies in the Khandwa District of the main Indian state of Madhya Pradesh, and is anticipated to create 691 GWh annually. The electricity will be provided to the Solar Energy Corporation of India at INR 2.71 (USD 0.036/ EUR 0.032) per kWh over 25 years.

According to the statement, the joint endeavor is in the procedure of getting a 20-year car loan from the State Bank of India to fund the USD-220-million (EUR 197.5 m) project under a 75:25 debt-to-equity funding design.

AC Energy, the provided energy platform of the Ayala Group, has greater than 3,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. It is additionally creating an 18,000-MW renewable energy pipeline organically as well as with partners across the Asia Pacific. The firm anticipates 500 MW of it to reach economic close in the current quarter.