ACEN takes in Dutch partner for solar project in India

MANILA, Philippines —  Zobel-led ACEN Corp. is partnering with Netherlands-based Diamond India Renewables One B.V. (DIRO) for yet another solar power project in India.

The listed energy platform of the Ayala Group disclosed plans to sell up to a 49-percent stake in Ijya Five Renewables Pte. Ltd. to DIRO, marking the fourth announced partnership between the two companies.

ACEN unit Unlimited Renewables Holdings B.V. and DIRO executed a securities subscription and purchase agreement and a shareholders’ agreement on Sept. 29, a stock exchange filing showed yesterday.

The deal is expected to close in stages, with DIRO acquiring an initial 10-percent voting interest in Ijya Five. Financial details were not disclosed.

The transaction is subject to the satisfaction of agreed contractual and customary conditions precedent.

Ijya Five is currently developing a 50-megawatt-alternating current (MWac) solar farm in Rajasthan, India.

Just last week, DIRO sealed its entry into ACEN’s Tejorupa Renewables India Project Pte. Ltd., the developer of a 250-MWac solar project in Rajasthan.

ACEN had previously disclosed plans to divest up to a 49-percent stake in Tejorupa.

The energy firm is also working on the divestment of up to 49-percent interests in two wind projects totaling 120 MW in Karnataka, India.

As of June, the India market accounted for around 20 percent of ACEN’s total attributable renewables capacity, based on the latest company data.

In the Philippines, ACEN ranks as the fourth-largest power producer with a 6.91-percent national market share, according to the Energy Regulatory Commission.

Through ACEN RES, the company is also the country’s leading green energy retailer, accounting for around 65 percent of the market