The global holding company, Ayala Corporation, has announced its debut into the Australian renewable energy industry.
The firm’s wholly owned unit, AC Energy, will be investing $39.8mn (US$30mn) into UPC Renewables' Australian division.
AC Energy will have a 50% stake in the business, which has a portfolio of 4.6GW across the continent.
The firm will also finance a $265mn (US$200mn) facility in order to fund project equity.
UPC is currently working on the 1GW Robbins Island and Jims Plain projects, located in the north west of Tasmania, as well as the 600MW New England Solar Farm in New South Wales.
“AC Energy is very excited to invest into UPC Renewables Australia as it complements AC Energy’s goal to exceed 5,000 MW by 2025,” commented Eric Francia, President and CEO of AC Energy.
“The UPC Renewables Australia platform is focused on large scale projects and is managed by a high-quality management team.”
“The Robbins Island project itself is a very large site and together with Jim’s 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.”
“We are making progress on the Robbins Island and Jims Plain project in North West Tasmania and we endorse the Prime Minister’s recent comment about how wind and hydro are highly complementary,” remarked Anton Rohner, UPC Renewables’ Australia CEO.
“We expect our projects in North West Tasmania to have capacity factors in the order of 50 percent with the turbines producing power nearly 95 percent of the time.”