AC Energy, a wholly-owned subsidiary of Ayala Corp. (AC), on Wednesday announced its entry into the Australian renewables market through a joint venture with UPC Renewables.
In a filing on the local bourse through its parent company, AC Energy said it will invest $30 million for a 50-percent ownership in the Australian business of UPC, an international renewable energy developer.
The local company will also provide a $200-million facility to fund project equity for the project, it said in the disclosure submitted by investor relations head Celeste Jovenir.
"AC Energy is very excited to invest into UPC Renewables Australia as it complements AC Energys goal to exceed 5,000 MW (megawatts) by 2025," AC Energy president and CEO Eric Francia said.
"The UPC Renewables Australia platform is focused on large-scale projects and is managed by a high-quality management team," he added.
UPC is currently developing the 1,000-MW Robbins Island and Jims Plain projects in North West Tasmania and the 600-MW New England Solar Farm in New South Wales.
It also has a further development portfolio of another 3,000 MWs located in North South Wales, Tasmania, and Victoria.
"The Robbins Island project itself is a very large site and together with Jims Plains have some of the best proven wind resources in the world, and the New England Solar project has excellent solar resource within close proximity to Transmission," Francia said.
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