October 1, 2019 | 12:04 am
AYALA-LED
AC Energy, Inc. said on Monday that it had formed a joint venture company with
UPC Renewables to build more than 1 gigawatt (GW) of capacity from renewable
energy sources.
“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,” the company said in a statement.
It identified the joint
venture partner as UPC Solar Asia Pacific, with which it had created UPC-AC
Energy Solar. The company was described as UPC Renewables’ solar energy
platform for the development, construction and operations of solar projects in
the Asia-Pacific region.
AC Energy said the
partners’ “initial focus” is on projects in India, South Korea and Taiwan.
“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,” Brian Caffyn, chairman
of UPC Renewables, was quoted as saying.
Patrice Clausse, chief
operating advisor of AC Energy and director of AC Renewables International,
said he believes 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 MW (megawatts) by 2025, with at least 50% to be
sourced from renewables,” he said.
Pranab Kumar Sarmah,
chief executive officer of UPC-AC Energy Solar and co-founder of UPC Solar Asia
Pacific, was quoted as saying: “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.” — Victor V. Saulon
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