ACEN takes full control of India operations – BusinessWorld Online
Ayala-led ACEN Corp., through its subsidiary ACEN Renewables International Pte. Ltd., has taken full control of its operations in India after acquiring the entire stake of UPC India Pte. Ltd. in their joint venture.
In a regulatory filing on Thursday, ACEN said the acquisition gives the company control of “a fast-growing and diversified renewables portfolio in one of the world’s most attractive clean energy markets.”
UPC India sold 2,724 common shares in Unlimited Renewables Holdings B.V. to ACEN Renewables, representing 50% of the total outstanding common shares.
The transaction gives ACEN Renewables International full ownership of 1,059 megawatts (MW) of renewable energy projects under construction and in advanced stages of development in Rajasthan and Karnataka, as well as a nearly 7-gigawatt (GW) pipeline of projects across India.
“With full ownership of this platform, we are well positioned to accelerate development, optimize our portfolio, and continue delivering clean, reliable power at scale,” ACEN International President and Chief Executive Officer Patrice Clausse said.
“India’s strong policy support, maturing market structures, and growing demand for renewables provide a solid foundation for sustainable growth,” he added. — Sheldeen Joy Talavera