ACEN takes full control of India RE business after stake buyout

AYALA-LED ACEN CORP. has strengthened its footprint in India after acquiring the remaining stake held by Singapore-based UPC Renewables in their joint venture, allowing it to take the lead in developing more than a gigawatt (GW) of renewable energy (RE) projects.

ACEN told the local bourse on Thursday that its subsidiary ACEN Renewables International Pte. Ltd. acquired a 50% voting interest in Unlimited Renewables Holdings B.V. (URH) from UPC Renewables.

The transaction involves 2,724 common shares of URH, though the company kept the deal’s value undisclosed.

Following the acquisition, ACEN will assume full ownership of URH, which is currently developing three renewable energy projects across Rajasthan and Karnataka with a combined capacity of 1,059 megawatts (MW), spanning both the construction and advanced development stages.

“This platform is the result of years of close collaboration and shared commitment to developing high-quality renewable energy projects. As ACEN takes full ownership, I am looking forward to continue growing this portfolio and make a meaningful contribution to India’s clean energy transition,” UPC Renewables India Chief Executive Officer Alok Nigam said.

ACEN aims to seize opportunities from “a fast-growing and diversified renewables portfolio in one of the world’s most attractive clean energy markets.”

Patrice Clausse, group chief investments officer and president and chief executive officer of ACEN International, said the company is well positioned to scale up its renewable energy portfolio.

“India’s strong policy support, maturing market structures, and growing demand for renewables provide a solid foundation for sustainable growth,” he said.

As of September 2025, the India market accounts for 37% of ACEN’s net attributable capacity across its international operations. The company operates three solar power projects with a combined capacity of 630 MW.

ACEN is banking on India’s “strong fundamentals” and “supportive policy environment” in the renewable energy market for long-term growth.

The company said India’s regulatory framework is “well-established and predictable,” with strong regulations and effective mechanisms for redress and compensation in case of changes in regulation.

“Combined with an increasingly mature banking sector that can provide long-tenor project financing, India offers a compelling environment for both growth and capital recycling,” ACEN said.

ACEN currently manages a renewable energy portfolio of 7.1 GW across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. — Sheldeen Joy Talavera