Ayala energy company expanding in South Korea, India, and Taiwan

The energy investment arm of the Ayala group along with its Hong Kongheadquartered partner UPC Renewables will be expanding on their solar investments in three more countries in the Asian region – primarily in India, South Korea and Taiwan.

In a statement to the media, AC Energy of the Ayala group indicated that its reinforced partnership with UPC Solar Asia Pacific will target the installation of up to 1,000 megawatts (1.0 gigawatt) of solar capacity “in the next few years.”

The corporate investment platform for the targeted additional three countries will be UPC-AC Energy Solar, according to the Ayala group.

“AC Energy is investing US$20 million via a development loan to finance the development of this pipeline and expects to provide all the construction equity required for these projects,” the Ayala firm has specified.

For India, South Korea and Taiwan, there had been no specific information provided yet on capacities for the pipelined projects – as well as on targeted location of the ventures.

Brian Caffyn, chairman of UPC Renewables indicated that “the new investment would enable the group to accelerate development of projects in the region.”

He said the strategy of their joint venture is anchored on ‘opportunistic’ approach on investments, with him noting that “as partnerships and growth opportunities arise, we are always looking at ways to significantly scale up our renewable energy portfolio.”

On AC Energy’s part, Patrice Clausse, chief operating advisor of the Ayala firm, noted that the company’s move “to enter into a large and bankable solar market like India is consistent with AC Energy’s goal to exceed 5,000 megawatts by 2025.”

Of that targeted capacity, he qualified that at least 50-percent shall be sourced from RE portfolio. The bulk of the company’s targeted RE developments will be pursued overseas, while 2,000 megawatts shall be installed in the Philippines.

Pranab Kumar Sarmah, chief executive officer of UPC-AC Energy Solar and co-founder of UPC Solar Asia Pacific, added that their aim is “to make this partnership a competitive regional solar project development and asset management platform.”

The two companies initially partnered on two completed wind power project developments – the first had been the 81megawatt Pagudpud wind power installation in Ilocos Norte in the Philippines; and the next one had been the 75MW Sidrap wind farm development in South Sulawesi in Indonesia.