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)