ACEN takes full control of Indian renewables platform

ACEN Corporation has consolidated full ownership of its renewable energy joint venture in India with UPC Renewables, gaining complete control of a 1,059 MWdc portfolio under construction and a development pipeline of nearly 7 GW. The move positions India as a core market in ACEN’s international growth strategy.

Through its subsidiary, ACEN Renewables International Pte. Ltd. (ACRI), ACEN acquired UPC Renewables’ stake in the jointly developed platform in India. The transaction gives ACEN 100% ownership of an 819 MWac portfolio comprising operational, under-construction, and advanced-stage projects located in Rajasthan and Karnataka. The platform also includes a development pipeline of close to 7 GW of renewable energy projects across multiple states.

ACEN said India represents a key long-term growth market, supported by the country’s target of achieving 500 GW of renewable energy capacity by 2030 and the consistent issuance of annual tenders of around 50 GW. These tenders are issued by government-owned entities such as the Solar Energy Corporation of India (SECI), SJVN Limited, NHPC Limited, and NTPC Limited. The company highlighted the availability of 25-year offtake contracts backed by the Government of India, a stable regulatory environment, and a mature banking system offering long-tenor project financing.

Commenting on the transaction, Patrice Clausse, Group Chief Investments Officer and President and Chief Executive Officer of ACEN International, said full ownership of the platform would allow faster project development and portfolio optimisation, supported by strong policy backing and rising demand for clean energy in India. ACEN also pointed to India’s expanding domestic manufacturing base for solar and wind equipment, which is improving supply chain resilience.

The transaction marks the conclusion of ACEN’s long-standing partnership with UPC Renewables, which has worked with ACEN across several Asia-Pacific markets. Alok Nigam, Chief Executive Officer of UPC Renewables India, said the company was proud of the platform developed jointly and reaffirmed its support for its continued growth under ACEN’s sole ownership.

The featured photograph is for representation only.