ACEN Corp. is bringing in another investor for its renewable energy business in India as it sells up to a 49-percent stake in a wind power project in Karnataka.

In a disclosure on Monday, the Ayala-led energy company said its subsidiary, Unlimited Renewables Holdings B.V. (URH), signed a Securities Sale and Purchase Agreement on 3 July with Diamond India Renewables One B.V. (DIRO) covering the acquisition by DIRO of up to 49 percent of Diyos Renewables India Project Private Ltd. (Diyos).

The parties also executed a Shareholders’ Agreement involving URH, UPC Renewables India Management Private Ltd., UPC APAC Holdings Pte. Ltd., and DIRO.

The transaction will be completed in stages, with DIRO initially acquiring a 10-percent voting interest in Diyos.

“The transaction is expected to close in stages, with DIRO acquiring an initial 10 percent voting interest in Diyos,” ACEN said.

Diyos is developing and constructing a 100-megawatt utility-scale wind project in Karnataka, India.

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

The latest deal follows a similar transaction announced in June, when ACEN agreed to divest up to a 49-percent stake in Tejorupa Renewables India Project Private Ltd., the developer of a 250-MW alternating current solar project in Rajasthan, to the same investor, DIRO.

By the end of the year, ACEN expects its attributable operating renewable energy capacity to exceed 8 gigawatts, supported by solar, wind, and battery storage projects in the Philippines and overseas. 

The company has also committed to achieving net-zero greenhouse gas emissions by 2050 after shifting its operations entirely to renewable energy.