Philippine-listed ACEN Corp said it has agreed to sell up to a 49% stake in an Indian solar project to Diamond India Renewables One B.V., as the Ayala-led energy company continues to bring in partners to fund the expansion of its renewable energy portfolio.
ACEN said in a stock exchange filing that its subsidiary Unlimited Renewables Holdings B.V. and Amsa Solar Holdco Pte. Ltd., an entity under ACEN’s joint venture with UPC Renewables for India projects, executed a Securities Subscription and Purchase Agreement and a Shareholders’ Agreement with Diamond India Renewables One B.V. for the transaction.
The deal involves the acquisition by Diamond India Renewables of up to a 49% interest in Tejorupa Renewables India Project Private Ltd., which is developing a 250-megawatt alternating current solar power project in Rajasthan, India.
The transaction will be completed in stages, with the investor initially acquiring a 10% voting interest in Tejorupa, ACEN said. Financial terms of the deal were not disclosed.
The closing of the transaction remains subject to agreed contractual and customary conditions precedent, according to the filing.
The transaction is the latest in ACEN’s strategy of partnering with long-term investors to recycle capital and support the development of its renewable energy pipeline across Asia-Pacific markets.
India has emerged as one of ACEN’s priority overseas growth markets through its partnership with UPC Renewables, with the company investing in utility-scale solar and wind projects to tap the country’s rapidly growing demand for clean energy.
ACEN, the listed energy platform of the Ayala group, has been expanding its renewable energy portfolio in the Philippines and overseas as it works toward its target of building one of the region’s largest clean energy platforms.