AC Energy, UPC Renewables to develop small island power projects in RI
Tuesday, July 25 2017 - 01:52 AM WIB
AC Energy International Holdings Pte Ltd, a subsidiary of AC Energy Holdings Inc. said it has entered into a development funding arrangement with UPC Renewables Asia Pacific Holdings Ltd. and UPC Renewables Asia I Limited for the development of small island power projects in Indonesia.
Philippines-based Ayala Corp, the parent of AC Energy Holdings, said in a statement on Monday that under the terms of the agreement, AC Energy International agreed to provide funding for the development of power generation projects with sub-50MW capacities. AC Energy will also have accompanying rights to participate in further construction funding of other Indonesian renewable energy projects.
UPC Renewables? and AC Energy?s partnership started in 2013 for the development, construction and operations of North Luzon Renewable Energy Corp., an 81MW wind farm project in Pagudpud, Ilocos Norte, Philippines. Last January, the two groups achieved financial closing in relation to their 75 MW Sidrap wind farm joint venture project in South Sulawesi, Indonesia, which is the first ever utility-scale wind farm project in Indonesia with an expected operations date of February 2018.
UPC Renewables is a leading global energy player that develops, finances, constructs, owns, and operates a portfolio of renewable energy generation assets. UPC Renewables with its partners have successfully developed and operated renewable energy projects in Italy, the USA, Canada, China, and the Philippines.
AC Energy is the Ayala Group?s business arm in the energy sector, with investments in renewable energy and conventional power plants. AC Energy is a fast growing regional energy platform with development, operations and retail supply capabilities.
Editing by Reiner Simanjuntak