August 14 (Renewables Now) - AC Energy, the energy arm of Philippines' Ayala Corp (PSE:AC), and UPC Renewables have agreed to buy 51% in a 250-MW pumped hydro project and a neighbouring 300-MW solar scheme, both located in South Australia.
UPC\AC Renewables Australia, a 50/50 joint venture (JV) between the two firms, has entered into a conditional share purchase agreement for the particular stakes with Rise Renewables, the developer of the Baroota pumped hydro and the Bridle Track solar projects, AC Energy said on Tuesday.
The JV’s CEO Anton Rohner said the firm will aim to fast-track Baroota's financial close and construction start.
Australia continues to be a target market for AC Energy, its president and CEO Eric Francia said separately in a roundtable discussion on Tuesday, as cited by local media. The Philippine firm moved into the Aussie renewables market in 2018 when it invested USD 30 million (EUR 26.9m) in UPC's Australian unit for a 50% stake in the business.
(USD 1.0 = EUR 0.895)