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).