AC Energy and its partner, UPC Renewables, will be investing in up to 500 MW solar installation in New South Wales and 250 MW pumped hydro projects in South Australia.
The scale of investments for these projects will depend on the engineering, procurement and construction (EPC) contract that the company will eventually be tapping for the two ventures.
AC Energy president and CEO Eric T. Francia emphasized that “Australia is an interesting market because the RE resource is fairly rich – capacity factors there are high.”
Relative to the targeted expansion ventures in Australia, the joint venture of UPC Renewables and AC Energy disclosed that it has entered into a “conditional purchase agreement for the acquisition of 51 percent interest in the Baroota pumped hydro and the Bridle track solar farm projects.”
After firming up this deal, the JV firm emphasized that it will “accelerate remaining development, fund construction and to retain long-term ownership of the projects.”