ACEN, BrightNight developing Indian RE
ACEN Corporation, the listed energy platform of the Ayala Group, has tapped United States-based power firm BrightNight to jointly develop renewable energy projects in India.
In a report to the Philippine Stock Exchange on Monday, ACEN, through its units — ACEN Renewables International and ACEN International — said it will “deploy $250 million equity plus related performance guarantees” to support the current buildout of BrightNight.
BrightNight has an existing development pipeline of over 1.2 gigawatts of a hybrid portfolio in India — including a differentiated 100 megawatts co-located, wind-solar project in the resource-rich state of Maharashtra, India.
Partnership to strengthen foothold in India
ACEN International CEO Patrice Clause said the partnership will strengthen the company’s foothold in India. It will also support the firm’s shift from pure solar play to multi-technology renewables.
Meanwhile, for BrightNight CEO Martin Hermann, ACEN’s expertise as a renewable energy leader in Asia Pacific will help the company augment India’s capacity.
ACEN and its partners currently own a solar farm portfolio of 450 Mega-Watt, Alternating Current of operating and under construction assets in India.
BrightNight, on the other hand, is developing a global portfolio of 23 GW across the U.S. and Asia Pacific, including India, Australia, the Philippines, and Bangladesh, and is backed by some of the most respected investors in the global energy sector.
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