Solar Dreams Turn Real: ACEN and UPC Team Up to Energize India

ACEN Corporation, the energy platform of the Ayala Group, and UPC Renewables, broke ground on two large renewable energy projects in India. This is a significant milestone in their joint quest to accelerate clean energy deployment in one of the globe's fastest-emerging energy markets.

Project Highlights

Masaya Solar Project: Covering the state of Madhya Pradesh, this 300 MWac (420 MWp) solar farm will generate 691 GWh of clean power annually, offsetting around 635,720 metric tons of CO₂ emissions annually.
Job Creation: The construction will generate an estimated 500 local jobs, stimulating regional economic development.
Financing: The project is backed by a $220 million investment on a 75:25 debt-to-equity basis. A 20-year State Bank of India loan is being mobilized.

Strategic Impact

These projects are an integral part of ACEN's overall vision of reaching Net Zero by 2050 in line with India's renewable energy aspirations.
The electricity generated will be sold under a 25-year power purchase agreement to the Solar Energy Corporation of India at a levelized tariff of ₹2.71/kWh.

Track Record

ACEN–UPC joint venture, UPC-AC Energy Solar, has already developed 630 MWp of solar capacity in India, including the Sitara and Paryapt solar farms.
This new development positions them further as one of the top players in India's solar energy industry.

Sources: www.acenrenewables.com, www.eqmagpro.com