ACEN unit sells 49% stake in India solar project
MANILA, Philippines – Ayala-led ACEN has welcomed a Dutch firm for the development of a solar power plant in India, another key market for the Ayala-led group outside the Philippines.
In a regulatory filing on Monday, the company said Unlimited Renewables Holdings B.V. and Amsa Solar Holdco Pt. Ltd. had pursued a securities subscription and purchase deal, as well as a shareholders’ agreement with Diamond India Renewables One B.V. (Diro).
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Unlimited Renewables is a subsidiary of ACEN, while Amsa Solar is under its joint venture with UPC Renewables for India projects.
The transaction covers Diro’s acquisition of as much as 49 percent in Tejorupa Renewables India Project Private Ltd., the company leading the construction of a 250-megawatt (MW) alternating current solar project in Rajasthan, India.
The deal will be completed in stages, with Diro securing an initial 10 percent voting interest in the Indian renewable producer.
ACEN, however, did not disclose the value of the transaction.
In February, ACEN completed the acquisition of a 50-percent voting interest in Unlimited Renewables from UPC India, giving it a fresh portfolio boost of 1,059 MW.
“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,” Patrice Clausse, ACEN’s group chief investments officer, said in an earlier statement.
“With full ownership of this platform, we are well-positioned to accelerate development, optimize our portfolio and continue delivering clean, reliable power at scale,” added 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.
Aside from the Philippines and India, ACEN has assets in Australia, Vietnam, Lao PDR and Indonesia. INQ
