Philippine conglomerate Ayala to develop 140,000-kw solar farm in India
MANILA, NNA – Philippine conglomerate Ayala Corp. will develop a 140,000-kilowatt solar farm in India, its first major investment in the South Asian country, as part of its efforts to expand its renewable energy business.
AC Energy Inc., Ayala’s energy unit, will develop the Sitara Solar plant in the western state of Rajasthan for an estimated $68 million through UPC-AC Energy Solar, its joint venture with UPC Solar Asia Pacific, AC Energy said in a statement on Monday.
With this project, AC Energy said its total renewables capacity will top 1.2 million kw.
The solar plant will start power generation in the first quarter of 2021. It will supply electricity to the Solar Energy Corporation of India over a 25-year period, AC Energy said.
The project will help the joint venture meet its target of more than 1 million kw for its solar portfolio across Asia, Pranab Kumar Sarmah, CEO of UPC-AC Energy Solar and co-founder of UPC Solar Asia Pacific, said in the statement.
India has been expanding its clean energy programs, with a target of 175 million kw of renewable capacity by 2022 from solar, wind, bio-power and hydro power sources.
Last week, AC Energy announced it will build Vietnam’s largest wind farm in the coastal area of Quang Binh province, with a capacity of 210 million kw.
AC Energy said it seeks to expand its generation capacity in the Asia-Pacific region, and identified the Philippines, Indonesia, Vietnam, Australia, India and Myanmar as its key target markets. It aims to exceed renewable capacity of 5 million kw and generate at least 50 percent of its energy output from renewables by 2025.