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AC Energy and UPC Partnership Strengthens Renewable Energy Portfolio in Asia-Pacific

Power News - Published on Wed, 16 Oct 2019

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UPC-AC Energy Solar, is a new joint venture company between AC Energy, Ayala’s energy platform and UPC Solar Asia Pacific, UPC Renewables’ solar energy platform for the development, construction and operations of solar projects in the Asia- Pacific region. The joint venture company targets the construction of a portfolio of over 1GW in the next few years, with an initial focus on India, South Korea and Taiwan. AC Energy is investing US$ 20 million via a development loan to finance the development of this pipeline and expects to provide all the construction equity required for these projects.

Brian Caffyn, chairman of UPC Renewables said the group is very excited with the new partnership with AC Energy as they continue to work together to expand their footprint in the region. The new investment would enable the group to accelerate development of projects in the region. “As partnerships and growth opportunities arise, we are always looking at ways to significantly scale up our renewable energy portfolio. AC Energy has always been focused on large-scale projects and is managed by a high-quality management team. We are grateful for their continuous support to the UPC group,” said Caffyn.

UPC Renewables’ and AC Energy’s partnership started in 2013 for the development, construction, and operations of North Luzon Renewables, an 81-MW wind farm project in Pagudpud, Ilocos Norte, Philippines. In January 2017, the two groups invested in PT UPC Sidrap Bayu Energi, developer of a 75-MW wind farm in South Sulawesi, Indonesia.

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) for the development, construction and operations of solar projects in the Asia- Pacific region.

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Posted By : Rabi Wangkhem on Wed, 16 Oct 2019
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