MANILA, Philippines -Ayala-led ACEN Corp. has raised its stake in populous India through a partnership with US-based BrightNight to develop large-scale renewable energy (RE) projects, in which it committed to invest at least $250 million.
In a disclosure to the Philippine Stock Exchange on Monday, ACEN said it aimed to deploy $250 million in equity plus related performance guarantees to support BrightNight’s portfolio of more than 1.2 gigawatts (GW) of hybrid renewable energy in India, including a 100-megawatt (MW) colocated wind-solar project in the state of Maharashtra.
“Alongside its rapid economic growth, the demand for energy in India is expected to grow faster than any other nation over the next decade. For ACEN, working in lockstep with like-minded partners will prove crucial in advancing the energy transition in India,” ACEN said.
BrightNight, a global renewable integrated power company, is currently developing a global portfolio of 23 GW across the United States and Asia Pacific, including the Philippines, India, Australia and Bangladesh.
The hybrid projects in India will operate 24/7 and focus on meeting the load requirements of high-quality utility offtakers or buyers of power as well as large corporate and industrial customers, ACEN said.
Larger footprint
ACEN International chief executive officer Patrice Clausse noted that the partnership with BrightNight would strengthen the Philippine company’s foothold in India’s fast-growing market, as they sought to shift to multi-technology RE projects.
“We look forward to working with BrightNight’s highly experienced local team as our combined expertise will help India progress toward their energy transition goal and spur the global transition toward a net zero economy,” Clausse added.
At present, ACEN and its partners own 450 MW of solar energy assets in India, which are either operating or under construction.
The company aims to reach 20 GW of renewables capacity by 2030, transition its generation portfolio to 100-percent renewable energy by 2025, and become a net zero greenhouse gas emissions company by 2050. INQ
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