Philippine-based firm AC Energy Inc plans to install a 100-MW solar photovoltaic (PV) park in India’s Rajasthan state through a joint venture with UPC Solar Asia Pacific.
This will be the first “major” investment of Philippine group Ayala Corp’s (PSE:AC) subsidiary AC Energy, the latter said in a bourse filing on Sunday. The so-called Sitara Solar project was secured by the UPC-AC Energy Solar joint venture in a tender held by the Solar Energy Corporation of India (SECI) with a bid of INR 2.48 (USD 0.033/EUR 0.029) per kWh. The overall investment required for its construction is estimated at USD 68 million (EUR 59.4m).
The two companies intend to bring the power plant online in the first quarter of 2021. In direct current (DC) the capacity of the solar farm will be 140 MW.
The Indian project will lift AC Energy’s installed renewables capacity to 1,200 MW and comes to support its goal of having 5,000 MW of renewable power assets by 2025.
"India is one of the world's largest and fastest growing markets for renewable energy. We look forward to participating in this market as we continue to expand around the region," said AC Energy’s president and CEO Eric Francia.
(USD 1.0 = EUR 0.873)
(INR 10 = USD 0.133/EUR 0.116)
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