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AC Energy to build solar project in India

Ayala Corp.’s energy unit, AC Energy Inc., said Monday it will expand its renewable energy footprint in India with the development of the 70-MW Paryapt solar project, its second solar investment in the country.

AC Energy said it is developing the Paryapt solar project through UPC-AC Energy Solar, the company’s joint venture with UPC Solar Asia Pacific. The $36-million facility is expected to start power generation by the first half next year and will supply energy to Gujarat Urja Vikas Nigam Ltd.

UPC-AC Energy Solar won the power supply agreement for the project via a competitive bid at INR 2.55 per kWh, fixed over a 25-year period.

UPC-AC Energy Solar is a 50-50 joint venture company between AC Energy (through AC Renewables International Pte. Ltd.) and UPC Renewables (through UPC Solar Asia Pacific Limited).

Topics: Ayala Corp. , AC Energy Inc. , renewable energy , Paryapt solar project
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