AC Energy and Infrastructure Corporation (AC Energy), together with its partner UPC Solar Asia Pacific, reached financial close for its 100 MW (140 MWp) Sitara Solar Farm in India.
Located in Rajasthan, a desert state with the highest irradiation in India, Sitara Solar has an estimated project cost of US$67 million. The construction of the solar farm started last in 2020, and is expected to start its power generation by the first half of 2021.
Sitara Solar secured a 20-year loan from the US International Development Finance Corporation (DFC), to be funded through a 75:25 debt-to-equity financing scheme. In March 2019, UPC-AC Energy Solar won the power supply agreement for the 100 MW solar project via a competitive bid fixed over a 25-year period.
