AYALA-LED ACEN Corp. is bringing in a Dutch investor for a solar energy project in India because the renewable energy company continues to expand its presence in considered one of its largest international markets.
In a disclosure on Monday, ACEN said entities under the corporate had entered into agreements with Diamond India Renewables One B.V. (DIRO) covering the sale of as much as 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., each under ACEN, signed a securities subscription and buy agreement and a shareholders’ agreement with DIRO.
The transaction includes DIRO’s acquisition of as much as a 49% stake in Tejorupa and an initial 10% voting interest within 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 corporate full ownership of greater than a gigawatt of renewable energy projects in India.
URH is currently developing three renewable energy projects across Rajasthan and Karnataka with a combined capability of 1,059 megawatts, covering each projects under construction and people in advanced stages of development.
India stays a key growth marketplace for ACEN’s international renewable energy portfolio.
As of end-2025, India accounted for 26% of ACEN’s net attributable capability across its international operations. The corporate operates three solar projects within the country with a combined capability of 1,344 megawatts.
Overall, ACEN has about seven gigawatts of attributable renewable energy capability across operational, under-construction, and committed projects within the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the USA.
Shares in ACEN fell seven centavos, or 2.17%, to P3.16 apiece on Monday. — Sheldeen Joy Talavera