The water condensed using an AC condenser is formed by compressing moisture (water content in the air). Technically, condensing the humidity to form water is one of the pure forms of water. But, definitely one should not drink it due to heavy metal contamination caused by the machinery used to condense it (condenser). Also, it can be contaminated by grease and algae (the areas around the condenser forms a good space for green algae to grow; area around the condenser is hot and moist).