AC Energy Building Second Solar Farm in India
Fresh off the back of its maiden investment in India last July 2020, Ayala Corporation’s energy arm, AC Energy, continues to expand its renewables business in the country with the development of the 70 MWp (50 MWac) Paryapt Solar through UPC-AC Energy Solar, the company’s joint venture with UPC Solar Asia Pacific. The estimated USD 36 million facility is expected to start power generation in the first half of 2021, 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.
The project is an immediate follow up of AC Energy to its estimated USD 68 million Sitara Solar plant in Rajasthan, its first major investment in India, which is expected to commence with power generation in the same period. Paryapt Solar will be set in the Amreli District of the State of Gujarat, one of the first states to develop solar generation capacity in India, with its own target to set up 8,000 MW of solar power by 2022.
Source : STRATEGIC RESEARCH INSTITUTE