UPC-AC Energy Solar switches on 150 MW solar farms in India
- UPC-AC Energy Solar achieves a significant milestone with the start of commercial operations of its two maiden solar farms in India, the 100 MWac (140 MWp) Sitara Solar and 50 MWac (70 MWp) Paryapt Solar.
- The company is poised for a landmark year, with 300 MW more of solar assets scheduled for construction.
- The switch on strengthens the company’s position as a leading player in India’s renewables space.
August 10, 2021 – UPC-AC Energy Solar, the joint venture company of UPC Solar Asia Pacific and AC Energy and Infrastructure Corporation (AC Energy), achieved a significant milestone with the start of commercial operations of its two solar farms in India in the second quarter of calendar year 2021, the 100 MWac (140 MWp) Sitara Solar and 50 MWac (70 MWp) Paryapt Solar.
UPC-AC Energy Solar is poised for a landmark year, with the company gearing to start the construction of 300 MWac (420 MWp) more of solar assets in India within the year.
In July 2020, UPC-AC Energy Solar commenced construction of Sitara Solar located in the Jodhpur District of the State of Rajasthan, a desert state with the highest irradiation in India, that will supply energy to the Solar Energy Corporation of India. This was followed closely by the start of construction of Paryapt Solar, a solar farm set in the Amreli District of the State of Gujarat, one of the first states to develop solar generation capacity in the country. UPC-AC Energy Solar won the power supply agreement for the 100MW solar project from Solar Energy Corporation India (SECI) at INR 2.48 per kWh, and the 50MW solar project from Gujarat Urja Vikas Nigam, Ltd. (GUVNL) at INR 2.55 per kWh, fixed over a 25-year period through competitive electronic reverse auction.
The development of the solar facilities involved an investment of around US$100 million. These two projects have secured a 20-year loan from the US International Development Finance Corporation (DFC), to be funded through a 75:25 debt-to-equity financing scheme. With an aggregate capacity of 150 MWac, the solar farms are comprised of more than 466,000 solar panels which are capable to produce around 358 GWh annually, or an estimated 323,990 metric tonnes of CO2e avoided.
The milestone was no small feat given the worsening pandemic situation in India, where the COVID-19 variant caused mass devastation, slowed the economy, and disrupted supply chains. To sustain the plants’ development, UPC-AC Energy Solar has implemented safety protocols at the site, with the aim to ensure the health and overall well-being of all the plant workers.
Pranab Kumar Sarmah, CEO of UPC-AC Energy Solar and co-founder of UPC Solar Asia Pacific said “We are pleased to commission these two projects on time and within the construction budget despite many challenges due to COVID-19 pandemic delays and rising material costs. Thanks to the support of our dedicated project team, EPC partners, equipment suppliers and financial partners. With our initial successes on hand, we are aiming to have about one GW operating solar asset in India by 2023.”
Brian Caffyn, UPC Renewables Chairman said “I’m very proud of the team and these projects showcase our core competencies of full end-to-end project delivery, from early stage development to commissioning of the projects and to operations and maintenance.”
“Switching on our first two solar projects in India is a major milestone that strengthens our position in India’s renewables space,” said Patrice Clausse, Chief Operating Officer of AC Energy International. “As we expand our renewables footprint in the region, we remain fully committed in helping India achieve their sustainable energy goals, and aid in the country’s socio-economic progress, especially during these challenging times.”
About UPC-AC Energy Solar:
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.
About UPC Renewables:
UPC Renewables is a leading renewable energy developer in the Asia Pacific region with offices in Australia, China, Hong Kong SAR, India, Indonesia, Philippines, South Korea, Taiwan, and Vietnam. UPC Renewables was established in 1995 and is active in Asia since 2006. UPC-formed companies have developed more than 73 operating wind and solar projects with a total installed capacity of 4,500 MW and an investment value of over US$8.4 billion.
About AC Energy:
AC Energy Corporation (PSE: ACEN) is the listed energy platform of the Ayala Group. The company has ~1,200 MW of attributable capacity in the Philippines. This is expected to increase with completion of the infusion of AC Energy International, which has ~1,400 MW of attributable capacity.
AC Energy’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.
For inquiries and more information, please contact:
Office Manager – UPC Renewables Limited
Contact number: +852 2673 2233