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