MANILA, Philippines — Listed energy firm AC Energy Corp. and its joint venture partner UPC Solar Asia Pacific have started building their largest solar project in India, as the Ayala-led company continues to ramp up its renewables initiatives across the region.
Once completed, the project — known as the "Masaya Solar farm" — will produce 691 gigawatt-hours (Gwh) of clean energy per year and reduce over 635,000 metric tons of annual carbon dioxide emissions, AC Energy said in a disclosure to the stock exchange on Monday. The project will have a capacity of 420 megawatt-peak (MWp).
As of 12:18 p.m., shares in AC Energy were trading up 0.53%.
“Though the pandemic continues to present challenges, we are confident that we will complete the construction of this solar development safely and at the earliest possible time," Patrice Clausse, the head of AC Energy’s International Group, said.
The two firms working on the solar farm hope to corner a $220 million loan from India's State Bank under a debt-to-equity financing scheme to fund project costs.
AC Energy said the Masaya Solar project is its latest initiative in expanding its renewables footprint in Southeast Asia.
AC Energy has partnered up with UPC Solar in the past, building a total of 630 MWp worth of projects across India.
The Ayala Groups' energy platform currently has more than 3,000 megawatts (MW) of renewables capacity across the region, with an estimated 500 MW expected to reach financial closing by the end of the quarter.
AC Energy hopes to become the largest listed renewables platform in the region, with its goal of reaching 5,000 MW of renewables capacity by 2025.