ACEN Corp.’s renewable energy business is expanding its presence in India, with its subsidiary Unlimited Renewables Holdings B.V. (URH) signing agreements that could bring a new strategic investor into a solar project in Rajasthan.
URH has executed a Securities Subscription and Purchase Agreement and a Shareholders’ Agreement with Diamond India Renewables One B.V. (DIRO) covering DIRO’s acquisition of up to a 49 percent interest in Ijya Five Renewables Private Ltd. (Ijya Five).
The transaction is expected to close in stages, beginning with DIRO acquiring an initial 10 percent voting interest in Ijya Five. The remaining portion of the potential stake will be subject to the terms of the agreements and the satisfaction of applicable conditions.
Ijya Five is developing and constructing a 50-megawatt alternating-current (MWac), or 70-MW direct-current (MWdc), solar project in Rajasthan, one of India’s major renewable energy markets.
The project gives ACEN another opportunity to deepen its renewable energy portfolio in India, where the company has been building a pipeline of solar and other clean energy assets.
The agreements, however, do not mean the transaction has closed. Completion remains subject to agreed contractual and customary conditions precedent, with the parties expecting the acquisition to be completed in stages.
The deal also gives DIRO a potential minority position in the project while allowing URH to retain majority ownership of Ijya Five if the full 49 percent stake is acquired.
For ACEN, the transaction adds another piece to its expanding regional renewable energy portfolio, while the staged structure allows ownership to shift progressively as the agreed conditions are met.
