ACEN takes full control of India renewables

ACEN Corp., the renewable energy arm of the Ayala Group, has taken full control of its joint venture with UPC Renewables in India, consolidating the platform under its subsidiary ACEN Renewables International Pte. Ltd. (ACRI).

The company said in a stock exchange report on Thursday that the deal gives ACEN full control of a 1,059 megawatt direct current, or about 819 megawatt alternating current, diversified portfolio, comprising three projects under construction and in advanced development in Rajasthan and Karnataka, as well as a pipeline of nearly 7 gigawatts (GW) of projects across India.

“India is a core market for ACEN’s international growth, and this transaction reflects our long-term confidence in the country’s renewable energy sector,” Patrice Clausse, Group Chief Investments Officer and President and CEO of ACEN International, said. 

“With full ownership of this platform, we are well positioned to accelerate development, optimize our portfolio, and continue delivering clean, reliable power at scale. India’s strong policy support, maturing market structures, and growing demand for renewables provide a solid foundation for sustainable growth,” he added.

ACEN said the move strengthens its push into one of the world’s fastest-growing clean energy markets and expands its footprint across Asia-Pacific.

UPC Renewables has partnered with ACEN on projects in the Philippines, Indonesia, Vietnam, Australia and India.

“We are proud of what we have built with ACEN and UPC in India and across the region. This platform is the result of years of close collaboration and shared commitment to developing high-quality renewable energy projects. 

As ACEN takes full ownership, I am looking forward to continuing growing this portfolio and make a meaningful contribution to India’s clean energy transition,” Alok Nigam, CEO of UPC Renewables India, said. 

India is targeting 500 GW of renewable energy capacity by 2030, backed by about 50 GW of annual tenders from government-owned intermediaries, which offer 25-year offtake contracts supported by the Government of India.