ACEN Corp. has completed the sale of an initial 10-percent voting stake in its 250-megawatt (MW) solar project in India, kicking off the first stage of a divestment that could eventually bring its ownership in the venture down by as much as 49 percent.

In a disclosure on Thursday, the Ayala Group’s listed energy platform said Diamond India Renewables One B.V. (DIRO) acquired the initial stake in Tejorupa Renewables India Project Private Limited after all conditions under the Securities Subscription and Purchase Agreement were satisfied.

“Transaction closing was achieved on 23 September for the acquisition by Diamond India Renewables One B.V. of an initial 10 percent voting interest in Tejorupa,” the disclosure read.

Tejorupa is developing and constructing a 250-MW alternating current utility-scale solar project in Rajasthan, India.

ACEN first announced the transaction in June, when its subsidiary Unlimited Renewables Holdings B.V. and Amsa Solar Holdco Pte. Ltd. signed agreements with DIRO for the sale of up to 49 percent of Tejorupa.

Amsa Solar is part of ACEN’s joint venture with UPC Renewables for renewable energy projects in India.

Divestment to be completed in stages

ACEN had said the divestment would be completed in stages, beginning with DIRO’s acquisition of a 10-percent voting interest.