AC Energy, UPC Solar set up new Asia-Pacific joint venture

Philippines-based AC Energy will work with UPC Solar Asia Pacific – the solar energy unit of Hong Kong-headquartered UPC Renewables – to build more than 1 GW of solar in the coming years, with an initial focus on Asian markets such as India, South Korea and Taiwan.

Image: Greenko Group

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AC Energy and UPC Solar Asia Pacific have agreed to jointly develop, build and run solar projects throughout the Asia- Pacific region.

Their UPC-AC Energy Solar venture aims to build more than 1 GW of solar capacity over the next few years, with an initial focus on India, South Korea and Taiwan. AC Energy will invest $20 million to finance the development of the pipeline.

“Our move to enter into a large and bankable solar market like India is consistent with AC Energy’s goal to exceed 5,000 MW by 2025, with at least 50% to be sourced from renewables,” said Patrice Clausse, chief operating advisor for AC Energy.

UPC Renewables and AC Energy began working together in 2013, when they built an 81 MW wind farm near Pagudpud, a town on the northern coast of the island of Luzon. In January 2017, the two groups also invested in PT UPC Sidrap Bayu Energi, the developer of a 75 MW wind farm in South Sulawesi, Indonesia.

“AC Energy has always been focused on large-scale projects,” noted Brian Caffyn, the chairman of UPC Renewables.

Companies under UPC Renewables have already invested more than $8.4 billion in the development of roughly 4.5 GW wind and solar projects.

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