By
Lenie Lectura- October 2, 2019
THE power unit of
conglomerate Ayala Corp. is investing $20 million to partly finance the
development, construction and operations of renewable-energy (RE) power
projects in the Asia-Pacific (AsPac) region, with a goal of building a
portfolio of over 1 gigawatt in the next few years.
AC Energy, through AC
Renewables International Pte. Ltd., will undertake these power projects
together with UPC Renewables, through UPC Solar Asia Pacific Ltd.
They formed a 50-50
joint-venture company known as UPC-AC Energy Solar.
“AC Energy is investing
$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,” AC Energy said.
In particular, the
initial focus on building UPC-AC Energy Solar’s power portfolio is set in
India, South Korea and Taiwan.
The new investment will
enable the group to accelerate development of projects in the region, said UPC
Renewables Chairman Brian Caffyn. “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.
Patrice Clausse, AC
Energy chief operating advisor and AC Renewables International director, said
the company is on its way to achieve 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 megawatts by 2025, with at least 50 percent to be
sourced from renewables,” said Clausse.
Pranab Kumar Sarmah,
CEO of UPC-AC Energy Solar and co-founder of UPC Solar Asia Pacific, lauded the
revitalized 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.”
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.
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