ACEN Corp. is selling up to a 49 percent stake in Avana Renewables Private Limited as the Ayala group’s listed energy platform continues to expand its renewable energy business in India.

In a stock exchange disclosure on Tuesday, ACEN said its subsidiary Unlimited Renewables Holdings B.V. (URH) signed agreements on 17 August with Diamond India Renewables One B.V. (DIRO) for the latter to acquire up to 49 percent of Avana.

The transaction is expected to close in stages, starting with DIRO’s acquisition of a 10 percent voting interest in Avana.

Avana is developing and constructing a 20-megawatt (MW) wind project in Karnataka, India.

ACEN said completion of the transaction remains subject to agreed contractual requirements and customary closing conditions. Financial terms were not disclosed.

The deal comes as ACEN scales up its presence in India, which has emerged as one of the company’s key overseas renewable energy markets.

ACEN has also recently brought DIRO into other renewable energy projects in the country. In June, the company agreed to divest up to 49 percent of Tejorupa Renewables India Project Private Limited, which is developing a 250-MW solar project in Rajasthan, to DIRO.

This was followed in July by an agreement for DIRO to acquire up to 49 percent of Diyos Renewables India Project Private Limited, the developer of a 100-MW wind project in Karnataka.

ACEN’s first-half net income surged 411 percent to P3.9 billion, driven by stronger renewable energy generation, higher contracted power sales and favorable electricity prices in the Philippines.

Attributable renewable energy generation increased 21 percent to 4,024 gigawatt-hours (GWh), while attributable earnings before interest, taxes, depreciation and amortization, excluding non-cash one-off items, climbed 40 percent to P14.7 billion.

The company ended the first half with an attributable renewable energy portfolio of 7,517 MW, of which 57 percent was operational.

In India, attributable generation was steady at 476 GWh during the period, while EBITDA rose 31 percent to P764.4 million due to lower operating costs.

ACEN also has four solar, wind, and hybrid projects totaling 1,258 MW under construction in India, with substantial completion targeted by the end of 2027.