Ayala-led ACEN Corp. has signed an agreement to divest up to a 49% stake in a 100-megawatt wind project in Karnataka, India, as it advances its renewable energy expansion in the country.

In a disclosure to the Philippine Stock Exchange today, ACEN said its subsidiary, Unlimited Renewables Holdings B.V. (URH), has executed a Securities Sale and Purchase Agreement with Diamond India Renewables One B.V. (DIRO) on Friday, covering the acquisition of up to 49% of Diyos Renewables India Project Private Limited (Diyos). 

The parties also signed a Shareholders’ Agreement involving URH, UPC Renewables India Management Private Limited, UPC APAC Holdings Pte. Ltd., and DIRO. 

The transaction will be completed in stages, with DIRO initially acquiring a 10% voting interest in Diyos, while the remaining stake acquisition will be subject to agreed terms and customary closing conditions. 

Diyos is currently developing and constructing a 100-MW utility-scale wind project in Karnataka. The disclosure did not indicate the value of the transaction. 

The transaction follows a deal announced in June, when ACEN agreed to divest up to a 49% stake in the 250-MWac Tejorupa solar project in Rajasthan, also to DIRO. Like the latest agreement, the transaction will be completed in stages, with the investor initially acquiring a 10% voting interest.

In February, ACEN consolidated its India renewable energy platform after acquiring its partner’s remaining stake, giving the company full ownership of a diversified 1,059-megawatt direct current (MWdc) portfolio of projects under construction and in advanced development across Rajasthan and Karnataka, as well as full control over a development pipeline spanning nearly 7 gigawatts (GW).

Earlier this year, ACEN secured PHP 4.8 billion in green financing for the 100-MW wind project in Karnataka.

India has become one of ACEN’s fastest-growing international markets since the company entered the country in 2019. 

As of August 2025, ACEN reported more than 2 GW of attributable renewable energy capacity in India, including operating assets and projects under construction across Rajasthan, Karnataka, Gujarat, Maharashtra, and Madhya Pradesh. 

The company has described India as a cornerstone of its regional renewable energy strategy, citing the country’s target of installing 500 GW of renewable energy capacity by 2030 and its supportive investment environment.

What are your thoughts on ACEN’s continued expansion in India? Do partnerships like these strengthen the company’s long-term growth strategy while supporting the region’s clean energy transition?

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