MANILA — ACEN Corp. has completed the first stage of its planned divestment in a large-scale solar project in India, selling an initial 10% voting interest to Diamond India Renewables One B.V. (DIRO) as the Ayala Group’s renewable energy arm continues to recycle capital across its international portfolio.
ACEN said the transaction closed on September 23 after all conditions under the securities subscription and purchase agreement were satisfied. The deal involves Tejorupa Renewables India Project Private Ltd., which is developing a 250-megawatt alternating-current utility-scale solar project in Rajasthan, India.
The transaction is part of an agreement announced in June covering the potential divestment of up to 49% of Tejorupa. The latest transaction represents the initial 10% tranche, while the remaining portion covered by the agreement could be transferred in subsequent stages. ACEN has not disclosed the financial value of the transaction or a timetable for the possible sale of the remaining stake.
The deal was carried out through ACEN units Unlimited Renewables Holdings B.V. and Amsa Solar Holdco Pte. Ltd. Amsa Solar is linked to ACEN’s joint venture with UPC Renewables for renewable energy projects in India.
The staged divestment allows ACEN to bring in an additional investor while retaining majority ownership of the project. Such transactions can help renewable energy developers recycle capital from existing or developing assets and redirect funds toward new projects, allowing companies to expand capacity without shouldering the full capital requirements of every development.
India remains an important component of ACEN’s international renewable energy strategy. Company data showed that Indian projects accounted for about 20% of ACEN’s attributable renewable capacity as of June. The company currently has three solar projects in India with a combined capacity of 630 MW, according to recent company information.
ACEN has also been pursuing additional divestments in India. Earlier this year, the company disclosed plans to sell up to 49% interests in two wind projects in Karnataka with combined capacity of 120 MW. The projects consist of the 100-MW Diyos Renewables project and the 20-MW Avana Renewables facility.
The transactions come as ACEN continues to build a large renewable energy portfolio across the Philippines and overseas markets. The company has projects spanning solar, wind, battery storage and other renewable technologies in markets including Australia, Vietnam, India, Indonesia, Laos and the United States.
ACEN is targeting operating capacity of more than 8 gigawatts by the end of 2026, with solar, wind and battery projects forming part of its broader generation portfolio. The company has said it aims to achieve net-zero greenhouse gas emissions by 2050.
The India transactions also come against a backdrop of improving financial performance for ACEN. For the first six months of 2026, the company’s attributable net income increased more than fivefold to ₱3.9 billion, while revenue rose 47.1% to ₱23.13 billion from ₱15.72 billion a year earlier.
For ACEN, the Tejorupa transaction is therefore more than a partial stake sale. It reflects a broader strategy of bringing in partners, sharing project capital requirements and creating room to fund additional renewable energy developments while maintaining exposure to a growing clean-energy market.
The bigger question now is whether ACEN’s continuing portfolio recycling in India will accelerate its ability to deploy capital into even larger renewable energy projects across its international markets.
