Ayala’s Energy Unit Eyes 140-Megawatt Peak Solar Farm in India
NEW DELHI: AC Energy Inc. is making its first major investment in India by developing the $68 million Sitara solar plant through a joint venture with UPC Renewables China Holdings Ltd. The 140-megawatt peak solar farm is expected to start generating by the first quarter of 2021 and will supply the Solar Energy Corp. of India via a 25-year agreement, AC Energy said in a statement. It won the agreement via a competitive bid at 2.48 Indian rupees (3.3 U.S. cents) per kilowatt-hour. The facility will be located in Rajasthan state in northern India, which gets some of the most intense sunlight in the country. The energy unit of Ayala Corp., one of the Philippines’ oldest conglomerates, also announced on Thursday it would build a 210-megawatt wind farm that would be the biggest in Vietnam.