Ayala Corp. said in a disclosure to the stock exchange, it has reached financial close for its 100 MW Sitara Farm in India.
Ayala described the project as a “major milestone” for its joint venture company UPC-AC Energy Solar, moving the latter closer to its target of achieving over 1 gigawatt of solar energy across Asia.
According to Pranab Kumar Sarmah, CEO of UP-AC Energy Solar and CoFounder of UPC Solar Asia Pacific, “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. The project is poised to enhance renewable power supply in India.”
Ayala Corp said the project, located in Rajasthan in India, has an estimated cost of $67 million.
“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 COO Patrice Clausse said.
Joint venture company UPC-AC Energy Solar aims to achieve over 1 GW of solar energy portfolio across Asia, Ayala Corp said.