ACEN Corp. has signed an agreement to divest up to a 49% stake in an under-development solar project in India, bringing in a new investor as the Ayala-led energy company continues to advance its international renewable energy portfolio.

In a disclosure to the Philippine Stock Exchange, ACEN said its subsidiary, Unlimited Renewables Holdings B.V., together with Amsa Solar Holdco Pte. Ltd., completed the execution of a securities subscription and purchase agreement and a shareholders’ Agreement with Diamond India Renewables One B.V. (DIRO) on June 12.

The transaction will allow DIRO to acquire up to 49% of Tejorupa Renewables India Project Private Limited, the company developing a 250-megawatt alternating current (MWac) utility-scale solar project in Rajasthan, India.

ACEN said the deal will be completed in stages, with DIRO initially acquiring a 10% voting interest in Tejorupa.

The project is currently in the development and construction phase and forms part of ACEN’s growing renewable energy footprint in India through its joint venture platform with UPC Renewables.

The company noted that the transaction remains subject to the fulfillment of agreed contractual and customary conditions precedent before closing.

The disclosure did not indicate the value of the transaction.

In February, ACEN consolidated its India operations by acquiring the remaining stake of UPC India Pte. Ltd. in their joint venture platform. The February deal gave ACEN full ownership of a renewable energy portfolio comprising 1,059 MW of projects under construction and in advanced stages of development in Rajasthan and Karnataka, along with a nearly 7-gigawatt pipeline across India, strengthening the company’s position in one of its key overseas growth markets.

What are your thoughts on ACEN’s continued use of strategic partnerships and stake sales to fund and expand its renewable energy projects across Asia? Join the discussion.

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