ACEN Corp. said Monday it has signed a partnership with US-based renewable power company, BrightNight, to develop, construct and operate large-scale hybrid wind-solar and round-the-clock renewable power projects in India.
The listed energy platform of Ayala Corp. said it aims to deploy $250 million in equity plus related performance guarantees to support BrightNight’s existing portfolio and future growth.
ACEN, through two subsidiaries, will support the accelerated buildout of BrightNight’s existing development pipeline of over 1.2 gigawatt of hybrid portfolio in India, including a differentiated 100 megawatt co-located, wind-solar project in the state of Maharashtra.
ACEN and its partners currently own a solar farm portfolio of 630 MW direct current, equivalent to 450 MW alternating current, of operating and under construction assets in India. BrightNight, meanwhile, brings its advanced India portfolio, experienced local team, and differentiated capabilities to develop and optimize large scale, multi-technology hybrid renewable power plants.
ACEN’s investment will provide for the accelerated buildout of BrightNight’s existing development pipeline of over 1.2 GW hybrid and round-the-clock projects in India.
Alongside its rapid economic growth, the demand for energy in India is expected to grow faster than any other nation over the next decade. For ACEN, working in lockstep with like-minded partners will prove crucial in advancing the energy transition in India.
