ACEN sells 49% stake in India wind venture

MANILA, Philippines — ACEN Corp. is pursuing another strategic stake sale in India, this time by selling up to a 49-percent interest in a wind power project to a Dutch investor.

In a regulatory filing yesterday, the Ayala Group’s listed energy platform said it would divest its minority stake in Diyos Renewables India Project Pte. Ltd. to Netherlands-based Diamond India Renewables One B.V. (DIRO).

A securities sale and purchase agreement was executed last Friday between ACEN subsidiary Unlimited Renewables Holdings B.V. and DIRO, although further details were not disclosed.

ACEN said the deal is expected to be completed in stages, subject to the satisfaction of agreed contractual and customary closing conditions.

Under the agreement, DIRO will initially acquire a 10-percent voting interest in Diyos Renewables.

Currently, Diyos Renewables is developing a 100-megawatt (MW) wind utility project in Karnataka, India.

The latest deal comes on the heels of ACEN’s planned sale of up to a 49-percent stake in Tejorupa Renewables India Project Pte. Ltd. to the same Dutch investor.

Tejorupa Renewables is in the process of constructing a 250-MW solar project in Rajasthan, India.

ACEN is positioning India as its next key growth market, leveraging the country’s vast renewable energy potential.

Since its foray into the Indian market in 2019, the company has developed at least two major projects in partnership with Singapore-based UPC Renewables and Yanara, formerly BrightNight India.

An ACEN official previously said the South Asian country stands out for its “scale, innovation and openness to global collaboration.”

In India, the company’s portfolio includes nearly 1,800 MW of solar, wind and battery storage projects spanning operational and under-construction.