ACEN brings in Dutch investor for India solar project

AYALA-LED ACEN Corp. is bringing in a Dutch investor for a solar power project in India as the renewable energy company continues to expand its presence in one of its largest international markets.

In a disclosure on Monday, ACEN said entities under the company had entered into agreements with Diamond India Renewables One B.V. (DIRO) covering the sale of up to a 49% stake in Tejorupa Renewables India Project Private Ltd., which is developing a 250-megawatt-alternating current (MWac) solar project in Rajasthan, India.

Unlimited Renewables Holdings B.V. (URH) and Amsa Solar Holdco Pte. Ltd., both under ACEN, signed a securities subscription and purchase agreement and a shareholders’ agreement with DIRO.

The transaction includes DIRO’s acquisition of up to a 49% stake in Tejorupa and an initial 10% voting interest in the project company.

“The closing of the transaction is subject to the satisfaction of agreed contractual and customary conditions precedent,” ACEN said.

The deal comes months after ACEN consolidated control of URH.

In February, an ACEN subsidiary acquired the remaining 50% voting interest in URH from UPC India Pte. Ltd., giving the company full ownership of more than a gigawatt of renewable energy projects in India.

URH is currently developing three renewable energy projects across Rajasthan and Karnataka with a combined capacity of 1,059 megawatts, covering both projects under construction and those in advanced stages of development.

India remains a key growth market for ACEN’s international renewable energy portfolio.

As of end-2025, India accounted for 26% of ACEN’s net attributable capacity across its international operations. The company operates three solar projects in the country with a combined capacity of 1,344 megawatts.

Overall, ACEN has about seven gigawatts of attributable renewable energy capacity across operational, under-construction, and committed projects in the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.

Shares in ACEN fell seven centavos, or 2.17%, to P3.16 apiece on Monday. — Sheldeen Joy Talavera