Ayala firm AC Energy, along with its partner Hong kong-based UPC Renewables, will be coughing up fresh round of US$36 million investment for the proposed 70-megawatt peak (MWp) Paryapt solar farm expansion project in India.
Through their corporate vehicle UPC-AC Solar Energy, the second Indian solar farm project of the joint venture – to be sited in Amreli district of Gujarat -will reach commercial operations first half of next year.
The Paryapt solar farm is considered a follow-up investment of AC Energy and UPC Renewables in India, after an initial investment of US$68 million that they injected for the Sitara solar farm installation in the state of Rajasthan.
“Fresh off the back of its maiden investment in India last July 2020, AC Energy continues to expand its renewables business in the country with the development of the 70MWp (50MWac) Paryapt solar,” the company reiterated.
For that next project, the generated electricity of the solar plant will be supplied to Gujarat Urja Vikas Nigam Ltd. (GUVNL), an electric power utility in the state of Gujarat.
“UPC-AC Energy Solar won the power supply agreement for the project via a competitive bid of 2.55 Indian rupee (INR) per kilowatt hour, fixed over a 25-year period,” the Ayala firm stated.
AC Energy said India emerged as a highly attractive market to it because of that country’s grand ambition for renewable energy installations, its target of which is to reach 175,000 megawatts by 2022.
Of the propounded aggregate portfolio, India has been batting for 100,000 megawatts of solar installations; 60MW of wind; 10,000MW of biopower; and 5,000MW of hydropower.
On solar developments, AC Energy has been investing heavily both in the Philippines and offshore – including energy markets in Vietnam, Australia, South Korea and India.
The Ayala firm previously announced plans to integrate its international business with its Philippine operations and that has secured recently the approval of the Philippine Stock Exchange – prompting the change of its stock symbol to ACEN from ACEPH.
“The shift to ACEN 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,” the Ayala firm said.
It specified that the company is on track to achieve its target of 5,000MW of generation portfolio by year 2025; and that will be an amalgamation of project developments it will be pursuing domestically and offshore.