ACEN Corp. on Wednesday said that subsidiary Unlimited Renewables Holdings B.V. had completed the sale of a 49-percent stake in Indian solar project developer Ijya Five Renewables Private Ltd. for an undisclosed amount.
In a disclosure, ACEN said the deal was signed on Sept. 29 with the buyer, Diamond India Renewables One B.V.The transaction is expected to close in stages, with Diamond India acquiring an initial 10-percent voting interest. Completion of the transaction will be subject to the satisfaction of agreed contractual and customary conditions precedent.Ijya Five Renewables is currently developing and constructing a 50-megawatt-alternating current solar project located in Rajasthan, India.ACEN shares on Wednesday dropped P0.12, or P4.58 percent, to close at P2.50 per share.