ACEN to Sell Up to 49 Percent Stake in 100 MW Wind Project

Philippine renewable energy company ACEN Corporation has agreed to sell up to a 49 percent stake in an Indian company developing a 100 MW wind power project in Karnataka, continuing its strategy of partnering with investors to expand its renewable energy portfolio in India.

The transaction will be carried out through ACEN's subsidiary, Unlimited Renewables Holdings BV, which has entered into an agreement to sell its stake in Diyos Renewables India Project Pvt. Ltd. to Diamond India Renewables One BV.

As part of the first phase of the transaction, Diamond India Renewables will acquire a 10 percent voting stake in Diyos Renewables, the company responsible for developing and constructing the 100 MW wind project in Karnataka. ACEN said that the remaining stake sale will be completed in stages, eventually taking Diamond India's holding to as much as 49 percent.

The latest deal follows a similar transaction announced last month, under which ACEN agreed to sell up to a 49 percent stake in a 250 MW solar power project in Rajasthan to Diamond India Renewables, reflecting the companies' growing collaboration in India's renewable energy sector.

Earlier this year, ACEN strengthened its presence in India by acquiring the remaining interest in UPC Renewables' Indian business, becoming the sole owner of an 819 MWac (1,059 MWdc) portfolio of renewable energy projects under construction and development across Rajasthan and Karnataka.

The acquisition also gave ACEN control of a development pipeline of nearly 7 GW of renewable energy projects in India, reinforcing the country as a key growth market for the company.

The staged divestment is expected to support ACEN's capital recycling strategy while enabling the company to continue expanding its renewable energy investments through strategic partnerships.