AC Energy Inc. said it is raising $20 million via a development loan to partially finance the development of more than 1,000 megawatts of solar projects in the Asia Pacific region in partnership with UPC Solar Asia Pacific Ltd.
AC Energy and UPC Solar Asia formed a joint venture company called UPC-AC Energy Solar to develop, construct and operate solar projects across the region.
The joint venture company said it was aiming to build a portfolio of over 1,000 MW in the next few years, with an initial focus on India, South Korea and Taiwan.
Patrice Clausse, AC Energy chief operating advisor and AC Renewables International director, said the company was on its way to achieving 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 by 2025, with at least 50 percent to be sourced from renewables,” said Clausse.