MANILA - AC Energy Corp (ACEN) on Monday said it has started the construction of its largest solar plant in India together with UPC Renewables.
The 300 MWac (Megawatt alternating current) Masaya Solar farm is expected to generate 691 GWh of clean power and avoid about 635,720 metric tons of CO2 per year, Ayala Group's unit told the stock exchange.
Located in the Khandwa District, State of Madyha Pradesh, the solar plant is expected to provide about 500 jobs during the construction period, AC Energy said.
AC Energy said the joint venture company is in the process of securing a 20-year loan from the State Bank of India to fund the project which is estimated to cost $220 million.
"Though the pandemic continues to present challenges, we are confident that we will complete the constructions of this solar development safely and at the earliest possible time, to contribute even more meaningfully to India's renewable energy goals," ACEN's International Group head Patrice Clausse said.
The development will be a "significant addition" to India's renewables capacity, said UPC-AC Energy Solar CEO and co-founder of UPC Solar Asia Pacific Pranab Kumar Sarmah said.
AC Energy's joint venture company with UPC Renewables, UPC-AC Energy Solar, has built a total of 630 MWp across India.
Earlier in 2021, AC Energy said it has a commitment to become net-zero by 2050.