In a bank funding project of 400 MW in New South Wales, THE Ayala Group and its Australian affiliate have secured 619 million AU$, or about P23.1 billion.
The Australian banks of Westpac, the Commonwealth Bank of Australia, along with Bank of China, have said in a Monday press release that the mentioned company AC Energy Corp. would fund the debt during the original process of the project.
The project’s first step financial closure will cover 400 MW of alternating current from a cumulative solar energy of 720 MW and a lithium ion battery of 400 MWh.
“This is a successful relationship emerging from the UPC and our Australian local team. We hope to assist Australia by further designing and constructing further sustainable energy projects throughout the country to meet and surpass its long-term decarbonization targets” said Patrice R. Clausse, Chief Operating Officer of AC Energy International in a release.
He identified the business as the “big achievement” for AC Energy, which represented Australia’s first plant.
According to AC Energy, a joint venture with AC Energy Infrastructure Corp. (ACEIC) as well as UPC Renewables Australia is invested $ 320 million (P15,32 billion) of the project equity, New England Solar Farm under UPCAC.
The largest share of Ayala Corp. unit ACEIC is owned by AC Energy.
AC Energy’s aim to achieve a potential of 5 000 MW for renewable energy by the year 2025 is seen to contribute significantly to its objective of being Southeast Asia’s largest listed renewable energy platformen.
It is aimed at linking to the grid and begins generating electricity by July next year. AC Energy also confirmed that the remainder of the project would launch operations by the end of 2023.
The listed business said it plans to set up a 400 MWh lithium-ion battery storage plant in the region to maintain grid reliability and electricity availability in peak hours. In mid-2015, it is planned that the plant will run with 50 MWh, which is funded under the NSW Emerging Energy Programme.
When finished, the solar farm will produce sufficient electricity to generate about 250,000 average New South Wales households annually which will help fill the void generated by the anticipated closure of the 2000 mW Liddell Power Station at AGL Macquarie by 2022.
The project is also supposed to provide 500 construction workers and build jobs for locals in Uralla, NSW and the area.
Contractors Green Light Pty. Ltd is liable for the design of the solar farm by the local affiliate of the Spanish-listed contractor Elexnor, S.A.
AC Energy stated that it anticipated that the solar farm will engage in the RoadMap bidding phase of the NSW Power Infrastructure and have lower energy costs for customers.
“The New England Solar Farm is the first project to achieve financial close in our vast portfolio, and we look forward to buildting our first project in Australia,” said Brian Caffyn, Chairman of UPC Renewables.
“Even for Australia this is a very big energy initiative and we are very proud to be part of the New England Solar Farm and the local community, and to support NSW step into a smooth and lower energy future,” he said.
Around two weeks ago, Eric T. Francia, Chief Executive Officing Officer of AC Energy, said the organization is working on a new goal for green energy for 2030. This target would require a combination of 50-50 portfolio for local or international ventures.