ACEN sells 49% stake in India wind farm

MANILA, Philippines – Ayala-led ACEN Corp. is bringing in a Dutch strategic partner for another renewable energy project in India as it continues to deepen its presence in one of its key overseas markets.

In a disclosure on Monday, the listed energy firm said its subsidiary, Unlimited Renewables Holdings B.V. (URH), signed an agreement with Diamond India Renewables One B.V. (Diro) covering the sale of up to 49 percent of Diyos Renewables India Project Private Limited (Diyos).

READ: ACEN gets full control of India renewable energy business

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Diyos is currently developing and constructing a 100-megawatt (MW) wind utility project in Karnataka, India, according to the disclosure.

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The strategic partner, Diro, is a renewable energy company with interests in the Netherlands and India.

Cementing partnership

A shareholders’ agreement was likewise executed among URH, UPC Renewables India Management Private Limited, UPC APAC Holdings Pte. Ltd. and Diro on July 3.

The transaction will be completed in phases, with Diro initially acquiring a 10-percent voting interest in Diyos before increasing its stake over time.

The transaction remains subject to contractual and customary conditions before closing.

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The latest deal mirrors ACEN’s strategy of partnering with international investors to help fund and accelerate renewable energy developments in India.

Earlier this year, ACEN also brought in Diro as an investor in Tejorupa Renewables India Project Private Ltd., developer of a 250-MW solar facility in Rajasthan, India.

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That transaction similarly involved the sale of up to a 49-percent stake, with the investor initially taking a 10-percent voting interest before increasing its participation in stages.

READ: ACEN unit sells 49% stake in India solar project

Priority market

ACEN has been steadily expanding its footprint in India through UPC Renewables.

Last year, the group started constructing a 420-MW solar park and a 120-MW wind park in the country, with both projects expected to be completed by early 2027.

These developments add to ACEN and UPC Renewables’ existing operating portfolio in India, which includes the 420-MW Masaya Solar, 70-MW Paryapt Solar and 140-MW Sitara Solar projects.

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India has become one of ACEN’s largest overseas markets alongside Australia, Vietnam, Lao PDR and Indonesia as the Ayala-led energy platform pursues its regional renewable energy ambitions. INQ