ACEN Corp., Ayala Group’s listed energy platform, said Monday it is investing $250 million in equity and performance guarantees, in a new venture in India.
ACEN said it signed a partnership with US-based renewable power company BrightNight LLC to develop, construct and operate large-scale hybrid wind-solar power projects in India.
“With this partnership, we are significantly strengthening our foothold in India’s fast-growing market as we shift from pure solar play to multi-technology renewables. We look forward to working with BrightNight’s highly experienced local team as our combined expertise will help India progress towards their energy transition goal and spur the global transition towards a Net Zero economy,” ACEN International chief executive Patrice Clausse said.
ACEN’s investment, through subsidiaries ACEN Renewables International and ACEN International, will help BrightNight’s existing portfolio and future growth and accelerate the development of over 1.2 gigawatts of power portfolio in India, including a differentiated 100-MW co-located, wind-solar project in Maharashtra.
