AC Energy has ventured in another solar energy project in India.
UPC-AC Energy Solar, its joint venture with UPC Solar Asia Pacific, is building the $36-million 70 megawatts (MW) Paryapt solar which expected to start power generation in the first half of 2021.
The facility will supply energy to Gujarat Urja Vikas Nigam Ltd.
UPC-AC Energy Solar secured a power supply agreement for the project via a competitive bid at 2.55 Indian rupee (P1.69) per kilowatt hour, fixed over a 25-year period.
The project is an immediate followup of AC Energy to its $68 million Sitara solar plant in Rajasthan, its first major investment in India made last July.
This will also commence generation by the first half of next year.
India has one of the biggest renewable energy expansion programs with a target of 175 gigawatts (GW) renewables capacity by 2022 through 100 GW from solar, 60 GW from wind, 10 GW from biomass and 5 GW from hydro power.