Source: Renewables Now

March 15, 2021 – Philippine-based firm AC Energy Inc and its partner UPC Solar Asia Pacific have achieved financial close on a 100-MW/140-MWp solar project in India’s Rajasthan state.

The Sitara photovoltaic (PV) scheme will require an overall investment of USD 67 million (EUR 56.2m). AC Energy, which is backed by Philippine conglomerate Ayala Corporation, said on Friday that construction has already been initiated and the plant is due to become operational by the first half of this year.

The US International Development Finance Corporation (DFC) has extended a 20-year loan, to be funded through a 75:25 debt-to-equity financing scheme.

The project is being realised through the UPC-AC Energy Solar joint venture (JV). The entity won the scheme in a 2019 tender held by the Solar Energy Corporation of India (SECI) with a bid of INR 2.48 (USD 0.033/EUR 0.029) per kWh. The fixed-rate tariff will be received for 25 years.

UPC-AC Energy Solar aims to have over 1 GW of solar assets in its Asian portfolio. In India, the company now has 450 MW assets, either under construction or in the pipeline.