AC Energy is set to build its second solar farm in India worth USD36 million (Php1.75 billion) and with a capacity of 70 megawatts (MW).
This comes as subsidiary UPC-AC Energy Solar won the power supply agreement for the project via a competitive bid at 2.55 Indian rupees per kilowatt hour (Php1.68/kWh) over a 25 years. UPC-AC Energy Solar is the Ayala-led firm’s joint venture with UPC Solar Asia Pacific.
The solar facility located in Gujarat state is expected to begin generating power within the first half of 2021.
Back in July, AC Energy invested around USD68 million (Php3.3 billion) to develop the Sitara Solar Plant in Rajasthan state.
AC Energy and UPC’s partnership began in 2013 with the development of an 81-MW wind farm in Pagudpud, Ilocos Norte. In 2017, the two companies banded together to invest in a 75-MW wind farm in South Sulawesi, Indonesia.
AC Energy aims to 5000 MW of renewables capacity by 2025.