Ayala’s AC Energy Forms JV to Undertake Solar Projects in India and Asia Pacific

UPC-AC Energy Solar, a new JV between AC Energy and UPC Solar Asia Pacific has been formed for undertaking solar power projects in the Asia- Pacific region.

UPC-AC Energy Solar, a new joint venture company between AC Energy (Ayala’s energy platform) and UPC Solar Asia Pacific (UPC Renewables’ solar energy platform) has been formed for the development, construction and operations of solar projects in the Asia- Pacific region.

The joint venture company targets the construction of a portfolio of over 1 GW in the next few years, with an initial focus on India, South Korea and Taiwan. AC Energy is investing USD 20 million via a development loan to finance the development of this pipeline and expects to provide all the construction equity required for these projects.

Patrice Clausse, chief operating advisor of AC Energy and director of AC Renewables International, believes that the company is on its way to achieving a balanced energy mix.

“AC Energy is very excited to invest in another partnership with UPC Renewables. Our move to enter into a large and bankable solar market like India is consistent with AC Energy’s goal to exceed 5,000 MW by 2025, with at least 50 percent to be sourced from renewables,” remarked Clausse.

Brian Caffyn, chairman of UPC Renewables said the group is very excited about the new partnership with AC Energy as they continue to work together to expand their footprint in the region. The new investment would enable the group to accelerate the development of projects in the region.

“As partnerships and growth opportunities arise, we are always looking at ways to significantly scale up our renewable energy portfolio. AC Energy has always been focused on large-scale projects and is managed by a high-quality management team. We are grateful for their continuous support to the UPC group,” said Caffyn.

UPC Renewables’ and AC Energy’s partnership started in 2013 for the development, construction, and operations of North Luzon Renewables, an 81-MW wind farm project in Pagudpud, Ilocos Norte, Philippines. In January 2017, the two groups invested in PT UPC Sidrap Bayu Energi, developer of a 75-MW wind farm in South Sulawesi, Indonesia.

Pranab Kumar Sarmah, CEO of UPC-AC Energy Solar and co-founder of UPC Solar Asia Pacific, meanwhile, lauds the revitalised partnership. “We are pleased to have AC Energy as our joint venture partner at a crucial point when UPC Solar is ready to accelerate construction activities of its pipelines and continue its humble journey to reduce carbon footprint. We aim to make this partnership a competitive regional solar project development and asset management platform.”