ACEN Corp., the listed energy platform of the Ayala Group, has secured about INR 7.517 billion or around P5.05 billion, in project financing to advance its expansion in India.
The company said Wednesday that the new funding will support the construction of a 100-megawatt wind project, expanding its renewable energy portfolio and long-term presence in India.
The loan, secured through Diyos Renewables India Project Private Limited, will partially finance phase 1 of the Bijapur Wind project in Karnataka. The facility was arranged with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corporation.
“Securing this project finance facility underscores the strong confidence of global financial institutions in ACEN’s renewable energy platform and our disciplined approach to developing high-quality projects.
The Bijapur Wind project strengthens our growing presence in India and contributes to the country’s accelerating transition to cleaner power systems,” Patrice Clausse, Group Chief Investment Officer and President and CEO of ACEN International, said.
For Alok Nigam, CEO of ACEN’s India platform, the financing will help expand the company’s renewable energy portfolio in India, a key market for its long-term growth. He added that the Bijapur Wind project shows ACEN’s focus on delivering projects that drive India’s clean energy transition and create local value.
Located in Bijapur, Karnataka, the project will supply renewable power under a Power Purchase Agreement (PPA) with SJVN Limited (SJVN), a government-owned company under India’s Ministry of Power.
The project is scheduled for commissioning in 2027 and is expected to generate about 330 million kilowatt-hours of clean energy annually, while avoiding around 300,000 tonnes of carbon dioxide emissions. This supports India’s target of reaching 500 gigawatts of renewable energy capacity by 2030.
The company said the financing reflects continued support from international lenders for its renewable energy platform in India.