ACEN to sell up to 49% stake in 100 MW Karnataka wind project
ACEN Corporation has signed an agreement to sell up to a 49% stake in its 100 MW wind power project in Karnataka to Dutch investor Diamond India Renewables One B.V. (DIRO). The transaction will be executed through Unlimited Renewables Holdings B.V. (URH), ACEN’s wholly owned subsidiary.
Stake acquisition in phases
Under the securities sale and purchase agreement, DIRO will acquire up to a 49% equity interest in Diyos Renewables India Project Private Ltd., the company developing the wind project. The acquisition will be completed in phases, beginning with DIRO purchasing an initial 10% voting stake in Diyos.
A shareholders’ agreement was also executed on July 3 among URH, UPC Renewables India Management Private Limited, UPC APAC Holdings Pte. Ltd., and DIRO. The Karnataka-based project will add 100 MW of utility-scale wind generation capacity to ACEN’s renewable energy portfolio in India.
Expanding partnership in India
The transaction follows an agreement announced last month under which ACEN agreed to divest up to a 49% stake in Tejorupa Renewables India Project Private Ltd. to DIRO. That investment will support the development of a 250 MW utility-scale solar project in Rajasthan, expanding the companies’ collaboration in India’s renewable energy sector.
Earlier this year, ACEN acquired the remaining 50% voting interest in URH from UPC India Pte. Ltd., giving it full ownership of more than 1 GW of renewable energy projects in India. URH is currently developing three renewable energy projects across Rajasthan and Karnataka with a combined installed capacity of 1,059 MW.
India accounted for 26% of ACEN’s net attributable international renewable energy capacity at the end of 2025. The company currently operates three solar power projects in the country with a combined installed capacity of 1,344 MW. It is also constructing a 420 MW solar park and a 120 MW wind park, both expected to be completed by early 2027. ACEN’s operating portfolio in India includes the 420 MW Masaya Solar, 70 MW Paryapt Solar, and 140 MW Sitara Solar projects.
As of the end of 2025, ACEN had approximately 7 GW of attributable renewable energy capacity, including operational, under-construction, and committed projects across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.
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