ACEN Corp. is expanding its renewable energy presence in India through a fourth partnership with Netherlands-based Diamond India Renewables One B.V. (DIRO), as the Ayala Group-led energy company continues to bring in strategic partners for its growing clean-energy portfolio.
ACEN unit Unlimited Renewables Holdings B.V. signed a securities subscription and purchase agreement and a shareholders’ agreement with DIRO on Sept. 29 covering the planned acquisition of up to a 49% stake in Ijya Five Renewables Private Limited. The transaction is expected to close in stages, beginning with DIRO taking an initial 10% voting interest.
Ijya Five is developing and constructing a 50-megawatt alternating-current solar project in Rajasthan, equivalent to 70 megawatts on a direct-current basis. The transaction remains subject to the completion of agreed contractual and customary conditions before the full stake transfer can proceed.
The latest agreement marks the fourth partnership between ACEN and DIRO in India’s renewable energy sector. The companies recently completed the initial 10% stake acquisition in Tejorupa Renewables India Project, which is developing a 250-MWac solar project in Rajasthan.
ACEN is also working on the divestment of up to 49% interests in two wind projects in Karnataka with a combined capacity of 120 MW. These transactions form part of the company’s broader approach of partnering with investors as it develops renewable energy assets across key markets.
India remains an important part of ACEN’s international renewable energy portfolio. As of June, the Indian market accounted for about 20% of the company’s total attributable renewable capacity, reflecting the scale of its operations and development pipeline in the country.
The partnership structure allows ACEN to bring in additional capital while retaining a significant interest in projects under development. For DIRO, the agreements provide access to a pipeline of renewable energy assets in India’s growing solar and wind markets.
The latest deal underscores ACEN’s continued expansion in India while strengthening its use of strategic partnerships to support renewable energy development. With multiple projects progressing across Rajasthan and Karnataka, the company is building a broader portfolio that spans both solar and wind generation.
