ACEN Corp. is bringing in a strategic partner for one of its wind projects in India as it continues to recycle capital while expanding its renewable energy footprint overseas.
The green energy arm of conglomerate Ayala Corp. said that its unit, Unlimited Renewables Holdings B.V. (URH), has signed an agreement to sell up to a 49-percent stake in Diyos Renewables India Project Private Ltd. to Diamond India Renewables One B.V. (DIRO).
The transaction will be completed in phases, with DIRO initially acquiring a 10-percent voting stake. The parties also executed a shareholders’ agreement governing the project’s ownership and operations.
Financial terms were not disclosed, and the deal remains subject to customary closing conditions.
Diyos is developing a 100-megawatt wind power project in Karnataka, one of India’s key renewable energy hubs.
The partial divestment is consistent with ACEN’s strategy of bringing in partners to help fund large-scale renewable projects while retaining exposure to future growth. By recycling capital tied up in developing assets, the Ayala-led energy company can redeploy funds into new projects without placing undue strain on its balance sheet.
The move also reflects a broader trend in the renewable energy sector, where developers increasingly tap infrastructure and institutional investors to share development risks and finance capital-intensive projects.
The partnership provides ACEN financial flexibility while reinforcing its long-term push to build a larger clean energy portfolio across India and other high-growth markets in Asia.
