ACEN buys out partner in India renewables business
MANILA, Philippines — Ayala-led ACEN Corp. is advancing its reach globally after gaining full control of its renewable energy business in India, which has a portfolio of more than 1,000 megawatts of generating capacity.
The company on Thursday disclosed that it had completed the acquisition of a 50-percent voting interest in Unlimited Renewables Holdings B.V. (URH) from UPC India Pte Ltd. This gives its subsidiary ACEN Renewables International Pte. Ltd. full control of URH.
The transaction value was not disclosed.
With this move, ACEN now owns a 1,059-megawatt direct current (MWdc) diversified portfolio in India. This includes three assets that are under construction.
“India is a core market for ACEN’s international growth, and this transaction reflects our long-term confidence in the country’s renewable energy sector,” said Patrice Clausse, ACEN’s group chief investments officer.
READ: ACEN sees India as new growth market
“With full ownership of this platform, we are well-positioned to accelerate development, optimize our portfolio and continue delivering clean, reliable power at scale,” said Clausse, who is also president and CEO at ACEN International.
Last year, ACEN began building a 420-MW solar park and a 120-MW wind park in India. The facilities are expected to be finished by early 2027.
These projects add to ACEN and UPC Renewables’ three operating assets: the 420-MW Masaya Solar, the 70-MW Paryapt Solar and the 140-MW Sitara Solar.
Gung ho on India
ACEN is confident about its operations in India, banking on “strong fundamentals and a supportive policy environment.”
READ: ACEN, US partner test run hybrid project in India
The firm added that India has a robust manufacturing sector, including the production of solar cells and wind turbine components, which could shield companies from the volatility in the global market.
READ: ACEN investing $250M in add’l Indian renewable energy projects
India has an ambitious goal of having 500,000 MW of renewable energy capacity by 2030.
ACEN’s core market is the Philippines. Aside from its home soil and India, the company is also present in Australia, Vietnam, Lao PDR and Indonesia.
For this year, the group will spend more than P80 billion for its renewables buildup. INQ
