AC Energy attains financial closure for solar project in Rajasthan

AC Energy and Infrastructure (AC Energy), Philippines, along with UPC Solar Asia Pacific, has achieved financial closure of its 100 MW Sitara solar farm in Rajasthan.

The estimated cost of the solar project is $ 67 million or around Rs 4.86 billion. It is expected to be operational by the first half of 2021. The Sitara Solar Farm has secured a 20-year loan from the US International Development Finance Corporation (DFC). It will be financed through a 75:25 debt-to-equity financing program. AC Energy also has a plan to develop a 70 MW solar project in Amreli, Gujarat. The estimated cost of the project is $36 million or about Rs 2.61 billion. It is expected to begin operations in the first half of 2021.

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