The company is aiming for the building of a portfolio of over 1GW in the next few years, with an initial focus on India, South Korea and Taiwan. AC Energy is investing $ 20 million to finance the development of this pipeline and expects to provide all the construction equity required for these projects.
Brian Caffyn, chairman of UPC Renewables, said the group is very excited with the new partnership with AC Energy as they continue to work together to expand their footprint in the region.
“As partnerships and growth opportunities arise, we are always looking at ways to significantly scale up our renewable energy portfolio. AC Energy has always been focused on large-scale projects and is managed by a high-quality management team. We are grateful for their continuous support to the UPC group,” said Caffyn.
UPC Renewables’ and AC Energy’s partnership started in 2013 for the development, construction, and operations of North Luzon Renewables, an 81-MW wind farm project in Pagudpud, Ilocos Norte, Philippines. In January 2017, the two groups invested in PT UPC Sidrap Bayu Energi, developer of a 75-MW wind farm in South Sulawesi, Indonesia.
Patrice Clausse, Chief Operating Advisor of AC Energy and Director of AC Renewables International, said, “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 percent to be sourced from renewable.”
