​​ACEN, UPC to build 300 MWac Masaya Solar farm in India

This will be the third and largest solar project of UPC-AC Energy Solar in India.

Philippines’ ACEN, the listed energy platform of the Ayala Group and the UPC Solar Asia Pacific, has started the construction of the 300 megawatt, alternating current (MWac) or 420 megawatt peak (MWp) Masaya Solar farm in India.

The Masaya Solar project, located in Khandwa District in the state of Madhya Pradesh, is set to produce 691 gigawatt-hours (GWh) energy annually and will avoid about 635,720 metric tons of carbon dioxide emissions yearly, ACEN said in a statement.

Once completed, ACEN said the Masaya Solar farm will be the joint venture company UPC-AC Energy Solar’s third and largest solar project in India to date. This will also provide around 500 jobs during the construction stage.

The UPC-AC Energy Solar is processing the securing of a 20-year loan from the State Bank of India for the project's funding which is estimated at $220m under a 75:25 debt-to-equity financing scheme.

The joint venture company will supply electricity for $0.036 (NRR2.71) per kilowatt-hour for 25 years under a power supply agreement with the Solar Energy Corporation of India.

UPC-AC Energy Solar has built a total of 630 MWp across India.