AC Energy Inc plans to install a 100-MW solar photovoltaic (PV) park in India’s Rajasthan state through a joint venture with UPC Solar Asia Pacific. This will be the first “major” investment of Philippine group Ayala Corp’s (PSE:AC) subsidiary AC Energy. Investment required for its construction is estimated at USD 68 million (EUR 59.4m). The power plant will be online in the first quarter of 2021.
The Indian project will lift AC Energy’s installed renewables capacity to 1,200 MW and comes to support its goal of having 5,000 MW of renewable power assets by 2025. India is one of the world’s largest and fastest growing markets for renewable energy.