ACEN Corp. has agreed to sell up to a 49% stake in a 100-megawatt wind power project in India, continuing its strategy of partnering with investors to fund renewable energy developments while expanding its presence in one of Asia’s fastest-growing clean energy markets.
In a disclosure to the Philippine Stock Exchange, the Ayala-led energy company said its subsidiary, Unlimited Renewables Holdings B.V. (URH), signed a securities sale and purchase agreement on July 3 with Diamond India Renewables One B.V. (DIRO) for the acquisition of up to 49% of Diyos Renewables India Project Private Ltd.
The parties also signed a shareholders’ agreement involving URH, UPC Renewables India Management Private Ltd., UPC APAC Holdings Pte. Ltd. and DIRO.
The transaction is expected to close in stages, with DIRO initially acquiring a 10% voting interest in Diyos. Financial terms of the deal were not disclosed.
Diyos is developing and constructing a 100-MW utility-scale wind project in Karnataka, southern India. The closing of the transaction remains subject to customary conditions precedent and other contractual requirements.
The divestment comes about three months after ACEN secured a 7.517 billion rupee (about P4.78 billion) project finance loan for the same project through Diyos Renewables India Project Private Ltd.
The financing, arranged by Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corporation, will fund the first phase of the Bijapur Wind project, which is expected to begin operations in 2027.
The wind farm will supply electricity under a long-term power purchase agreement with SJVN Ltd., a state-owned enterprise under India’s Ministry of Power.
Once operational, the facility is expected to generate around 330 million kilowatt-hours of clean electricity annually, avoiding approximately 300,000 tonnes of carbon dioxide emissions each year.
The latest transaction is in line with ACEN’s strategy of recycling capital by bringing in strategic partners while retaining an interest in operating renewable energy assets.
The company has increasingly used the approach to support its regional expansion and fund new clean energy developments.
India has become a key growth market for ACEN as the country targets 500 gigawatts of renewable energy capacity by 2030.
Earlier this year, the company also consolidated full ownership of a 1,069-megawatt direct current renewable energy portfolio in Rajasthan and Karnataka following the restructuring of its joint venture with UPC Renewables.
ACEN is targeting 20 GW of attributable renewable energy capacity by 2030, with India serving as one of its core international markets alongside the Philippines, Australia, and Vietnam.
The company currently has renewable energy projects spanning solar, wind and battery storage across the country.
