ACEN Corp. unit Diyos Renewables India Project Private Ltd. has secured a project finance term loan of 7.517 billion rupees to support the development of its Bijapur Wind project in Karnataka, India, the company said on Wednesday.
The greenfield project financing facility was arranged with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp. It will partially fund the construction of the 100 megawatt first phase of the Bijapur Wind project.
Located in Bijapur, the project will supply renewable power under a power purchase agreement with SJVN Limited, a government-owned company under India’s Ministry of Power. The project is scheduled for commissioning in 2027 and is expected to generate 330 million kWh of clean energy annually.
The facility is expected to avoid about 300,000 tons of carbon dioxide emissions, supporting India’s goal to reach 500 GW of renewable energy capacity by 2030. ACEN said the financing reflects strong support from international financial institutions for its investments in India.
“Securing this project finance facility underscores the strong confidence of global financial institutions in ACEN’s renewable energy platform and our disciplined approach to developing high-quality projects,” ACEN International Group chief investment officer and president and CEO Patrice Clausse said.
Clausse said the project strengthens the company’s presence in India and contributes to the country’s transition to cleaner power systems.
ACEN India CEO Alok Nigam said the financing supports the continued buildout of the company’s renewable energy portfolio in a key market for long-term growth.
“The Bijapur Wind project reflects our focus on delivering scalable, high-quality projects that contribute to India’s clean energy transition while creating sustained value on the ground,” Nigam said.
ACEN, the energy arm of the Ayala group, has 7 GW of attributable renewable energy capacity across its markets. While the Philippines remains its core market, the company has a presence in Australia, Vietnam, Lao PDR and Indonesia.
