ACEN Corp. on Thursday said that it had consolidated its renewable energy (RE) operations in India after acquiring full ownership of a joint venture with UPC Renewables, strengthening its presence in one of the world’s fastest-growing clean energy markets.
In a statement, the Ayala-led energy firm said that subsidiary ACEN Renewables International Pte. Ltd. (ACRI) now owned 100 percent of the India development platform, giving ACEN full control of a fast-growing and diversified renewable energy portfolio.
Following the acquisition, ACEN now fully owns a 1,059-megawatt-direct current (MWdc), or 819-MW alternating current (MWac), portfolio consisting of three renewable energy projects under construction and in advanced development stages in Rajasthan and Karnataka.
The company also gained a development pipeline of nearly 7 gigawatts of renewable energy projects across India.
ACEN said the consolidation reinforced its long-term commitment to India’s clean energy transition and supports its broader strategy to scale up RE capacity across key growth markets in the Asia-Pacific region.
“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,” said Patrice Clausse, group chief investments officer and president and chief executive officer of ACEN International.
“With full ownership of this platform, we are well positioned to accelerate development, optimize our portfolio, and continue delivering clean, reliable power at scale,” he added.
The company cited India’s strong policy support, maturing market structures, and growing demand for renewable energy as key factors underpinning sustainable growth in the sector.
India has set a target of reaching 500 GW of RE capacity by 2030, supported by approximately 50 GW of annual capacity tenders from government-owned intermediaries such as the Solar Energy Corp. of India, SJVN, NHPC and NTPC.
The said tenders allow developers to secure 25-year offtake contracts that are effectively backed by the government.
ACEN also highlighted India’s established regulatory framework, expanding domestic manufacturing base for solar and wind equipment and an increasingly mature banking sector capable of providing long-tenor project financing.
The transaction builds on ACEN’s long-standing partnership with UPC Renewables, which has collaborated with the company on renewable energy projects in the Philippines, Indonesia, Vietnam, Australia and India.
“We are proud of what we have built with ACEN and UPC in India and across the region,” said Alok Nigam, CEO of UPC Renewables India.
“As ACEN takes full ownership, I am looking forward to continuing to grow this portfolio and making a meaningful contribution to India’s clean energy transition.”
ACEN Corp. shares rose P0.09, or 3.32 percent, to close at P2.80 each on Thursday.
