Ayala's AC Energy, UPC create 1-GW renewables development JV

Solar modules. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

October 4 (Renewables Now) - AC Energy Inc, part of the Philippines' Ayala Corp (PSE:AC), has set up a joint venture with the solar power platform of UPC Renewables to develop and build over 1 GW of renewable energy plants in the Asia Pacific.

AC Energy will invest in the development of the above mentioned pipeline via a USD-20-million (EUR 22m) development loan, the company said, adding it expects to provide all of the needed construction equity.

The joint venture is called UPC-AC Energy Solar and it will focus initially on projects in India, South Korea and Taiwan.

In mid-August, AC Energy and UPC Renewables agreed to buy 51% in a 250-MW pumped hydro project and a neighbouring 300-MW solar scheme, both located in South Australia.

(USD 1.0 = EUR 1.097)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\