ACEN takes full control of India renewables JV

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.

Core market

“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.