Ayala Corp.’s energy unit AC Energy is investing $20 million to partly fund the development, construction, and operations of renewable-energy (RE) projects in the Asia-Pacific region.
This in line with their goal to improve their portfolio of over 1 GW in the next few years.
AC Energy will participate in these power projects together with UPC Renewables, through UPC Solar Asia Pacific Ltd.
“AC Energy is investing $20 million via a development loan to finance the development of this pipeline and expects to provide all the construction equity required for these projects,” AC Energy was quoted in a BusinessMirror report.
The two companies created a 50-50 joint venture company named UPC-AC Energy Solar.
The initial focus in creating UPC-AC’s Energy Solar’s power portfolio is in India, South Korea, and Taiwan.
“As partnerships and growth opportunities arise, we are always looking at ways to significantly scale up our renewable-energy portfolio. AC Energy has always been focused on large-scale projects and is managed by a high-quality management team. We are grateful for their continuous support to the UPC group,” UPC Renewables Chairman Brian Caffyn said.
AC Energy chief operating advisor and AC Renewables International director Patrice Classe said the company is slowly achieving its goal to have a balanced energy mix.
“AC Energy is very excited to invest in another partnership with UPC Renewables. Our move to enter into a large and bankable solar market like India is consistent with AC Energy’s goal to exceed 5,000 megawatts by 2025, with at least 50 percent to be sourced from renewables,” Clausse added.
In 2013, UPC Renewables and AC Energy began its partnership for the development, construction, and operations of North Luzon Renewables, an 81 MW wind farm project in Pagudpud, Ilocos Norte, Philippines. Four years later the two companies invested in PT UPC Sidrap Bayu Energi, developer of a 75-MW wind farm in South Sulawesi, Indonesia.