The Ayala group and UPC Solar Asia Pacific Ltd. have clinched funding for their $67-million, 100-megawatt (MW) solar farm in India.
The project dubbed Sitara Solar Farm, which is undergoing construction in Rajashtan state, is being pursued through UPC-AC Energy Solar.
A desert state, Rajashtan receives the highest amount of sunlight in India.
The financial closing is considered the first major milestone for the joint-venture firm, which has embarked on a path to build a 1,000-MW portfolio of solar projects across Asia. Sitara Solar is expected to start producing electricity within the first half of 2021.
In March 2019, UPC-AC Energy Solar won a 25-year power supply agreement, for which Sitara Solar will be harnessed.
A 50-50 joint-venture company of AC Energy Corp. (Acen) through AC Renewables International Pte. Ltd. and UPC Renewables through UPC Solar Asia Pacific, UPC-AC Energy Solar was set up for the development, construction and operations of solar projects in the region.
In the Philippines, AC Energy Corp. is infusing P350 million into its subsidiary ACE Endeavor Inc. This will be done through subscription in 3.5 million redeemable preferred shares at P100 apiece.
This additional investment from Acen will be used by Endevor to fund its projects’ predevelopment and equity funding requirements.
Endeavor is intended to be Acen’s platform for project development, management and operations. INQ