MANILA – AC Energy and Infrastructure Corp., a wholly-owned unit of Ayala Corp., said it secured funding for its USD67-million Sitara solar farm in Rajasthan, India.
In a disclosure with the Philippine Stock Exchange Monday, AC Energy said the United States International Development Finance Corp. (DFC) has approved a 20-year loan for the solar farm project through a 75:25 debt-to-equity financing scheme.
The Filipino firm partners with UPC Solar Asia Pacific to build the 100-megawatt solar farm project. Construction already started last year.
Sitara Solar is expected to commence its power generation by the first half of this year.
The joint venture won the power supply agreement in March 2019.
The firm added Sitara Solar will supply renewable energy to the state-owned Solar Energy Corp. of India.
“We are very thrilled with this financial close during the current challenging environment, where we were able to meet DFC’s high standards for environmental and social compliances,” UPC-AC Energy Solar chief executive officer and UPC Solar Asia Pacific co-founder Pranab Kumar Sarmah.
He added the project is a major milestone for the joint venture as UPC-AC Energy targets to reach more than 1 gigawatt of solar energy portfolio across Asia.
“We are well-positioned to establish a meaningful presence in India and contribute to the country’s renewable energy goals, bringing a total of 450 MW of solar projects under construction and in the pipeline with our partner UPC Renewables,” AC Energy International chief operating officer Patrice Clausse added. (PNA)
