Ayala-led ACEN Corporation has signed a partnership with US-based renewables company, BrightNight, in developing, constructing, and operating over 1.2 gigawatts worth of hybrid renewable energy projects in India.
In a statement, ACEN said that it will deploy around $250 million in equity, plus related performance guarantees to support BrightNight’s existing portfolio and future growth.
“The hybrid projects, with calibrated use of storage technologies, will operate around the clock, and focus on meeting specific load or generation pattern requirements of high-quality utility off-takers and large Corporates and Industrials customers,” ACEN said in a statement on Monday.
The partnership will help strengthen ACEN’s foothold in India as it “shifts from pure solar to multi-technology renewables,” ACEN International CEO Patrice Clausse said.
“We look forward to working with BrightNight’s highly experienced local team as our combined expertise will help India progress towards their energy transition goal and spur the global transition towards a Net Zero economy,” Clausse said.
Meanwhile, BrightNight is developing a global portfolio of 23 gigawatts across the United States and Asia Pacific, including India, Australia, Bangladesh, and the Philippines.
“ACEN is one of the largest and most respected renewables investors in the Asia Pacific, and we are honored that they have chosen to work with us. They have demonstrated success in scaling and operating large fleets of renewable assets through strategic partnerships across the region, and we have a shared vision of delivering what the India market requires: dispatchable, reliable, and affordable clean power,” BrightNight CEO Martin Hermann said.