Through subsidiary ACEN Renewables International, the company acquired the remaining 50 percent voting stake in Unlimited Renewables Holdings B.V. from UPC Renewables, giving ACEN 100 percent ownership of the India platform.
“This strategic move strengthens ACEN’s presence in India and supports its broader ambition
to scale renewables across key growth markets in Asia-Pacific,” the company said in a stock exchange filing on Thursday.
India platform
The acquisition brings under ACEN’s full control a 1,059 megawatt direct current renewables portfolio under construction and advanced development in Rajasthan and Karnataka.
It also secures a development pipeline of nearly 7 gigawatts of renewable energy projects across India.
Management’s view
“India is a core market for ACEN’s international growth, and this transaction reflects our long-term confidence in the country’s renewable energy sector,” said Patrice Clausse, group chief investments officer and president and CEO of ACEN International.
“We are proud of what we have built with ACEN and UPC in India and across the region,” said Alok Nigam, CEO of UPC Renewables India.
“This platform is the result of years of close collaboration and shared commitment to developing high-quality renewable energy projects. As ACEN takes full ownership, I am looking forward to continue growing this portfolio and make a meaningful contribution to India’s clean energy transition,” he added.
Why it matters
“With full ownership of this platform, we are well positioned to accelerate development, optimize our portfolio, and continue delivering clean, reliable power at scale,” Clausse added.
India has set a target of 500 gigawatts of renewable energy capacity by 2030, supported by government-backed tenders that offer 25-year offtake contracts.
ACEN said the country’s regulatory framework, domestic manufacturing base, and access to long-term project financing support stable execution of large-scale projects.
—Edited by Miguel R. Camus
