ACEN seals stake sale in India solar venture

MANILA, Philippines — ACEN Corp. of the Zobel family has completed the sale of a portion of its stake in a large-scale solar project in India to Netherlands-based Diamond India Renewables One B.V. (DIRO).

In a stock exchange filing yesterday, ACEN said the deal closed on Sept. 23, giving DIRO an initial 10-percent voting interest in Tejorupa Renewables India Project Pte. Ltd.

The transaction follows ACEN’s earlier disclosure of plans to divest up to a 49-percent stake in Tejorupa. Financial details were not immediately disclosed.

To facilitate the deal, ACEN units Unlimited Renewables Holdings B.V. and Amsa Solar Holdco Pte. Ltd. entered into a securities subscription and purchase agreement, as well as a shareholders’ agreement, with DIRO.

Unlimited Renewables is a subsidiary of ACEN, while Amsa Solar is an entity under ACEN’s joint venture with Singapore-based UPC Renewables for power projects in India.

Through the investment, DIRO gains an interest in Tejorupa, which is developing a 250-megawatt (MW) alternating-current solar farm in Rajasthan, India.

As of June, India projects accounted for around 20 percent of ACEN’s total attributable renewables capacity, latest company data showed.

In recent months, the Ayala Group’s listed energy platform has moved to reduce its equity interests in select renewable power projects under construction in India.

Earlier this year, ACEN also disclosed plans to sell up to 49-percent interests in two India wind projects totaling 120 MW to DIRO.

These include the 100-MW Diyos Renewables project and the 20-MW Avana Renewables facility. Both projects will rise in Karnataka, India.