May 23, 2018 – AC Energy, a wholly owned subsidiary of Ayala Corporation, will participate in the Australian renewables market through a joint venture with international renewable energy developer, UPC Renewables. AC Energy is investing USD 30M for a 50% ownership in UPC’s Australian business and is also providing a USD 200M facility to fund project equity.
UPC Renewables Australia is developing the 1,000 MW Robbins Island and Jims Plain projects in North West Tasmania and the 600 MW New England Solar Farm located near Uralla in New South Wales. UPC Renewables Australia also has a further development portfolio of another 3,000 MW’s located in NSW, Tasmania and Victoria.
“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. The UPC Renewables Australia platform is focused on large scale projects and is managed by a high-quality management team” said AC Energy president and ceo, Eric T. Francia.
“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” he said.
The Chief Executive Officer of UPC Renewables Australia, Mr Anton Rohner said “AC Energy investment into UPC Renewables Australia will enable us to accelerate projects in Australia. 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. We expect our projects in North West Tasmania to have capacity factors in the order of 50% with the turbines producing power nearly 95% of the time.”
“The Robbins Island and Jims Plain projects, together with Tasmania’s hydro assets and other new renewable energy projects, will assist in making the interconnectors between Tasmania and Victoria, a dispatchable and significant renewable energy generator into the National Electricity Market.”