MANILA - Ayala Corp’s energy unit is building its second solar farm in India, the company said on Monday.
AC Energy said it is expanding its renewables business in India with the development of the 70 MWp (megawatts peak) Paryapt Solar plant through UPC-AC Energy Solar, the company’s joint venture with UPC Solar Asia Pacific.
The company said the facility, which is estimated to cost $36 million, is expected to start power generation in the first half of 2021. It will supply energy to power distributor Gujarat Urja Vikas Nigam Ltd.
AC Energy said the project follows its estimated $68 million Sitara Solar plant in Rajasthan, its first major investment in India, which is expected to start operating in the same period.
The Ayala-led firm said its partnership with UPC Renewables started in 2013 with North Luzon Renewables, an 81 MW wind farm project in Pagudpud, Ilocos Norte.
In January 2017, the two groups invested in PT UPC Sidrap Bayu Energi, developer of a 75 MW wind farm in South Sulawesi, Indonesia.
AC Energy said it aims to become the largest listed renewables platform in Southeast Asia, by hitting 5000 MW of renewables capacity by 2025.