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Manila Bulletin devider Business devider The Stock Market devider ACEN secured ₱4.8-billion loan for India wind project

ACEN secured ₱4.8-billion loan for India wind project

Published Mar 25, 2026 11:31 am
ACEN Corp., the energy arm of the Ayala group, secured a 7.517 billion rupee project finance loan to fund its Bijapur Wind project in Karnataka, India, as the company accelerates its expansion into one of Asia’s largest renewable energy markets.
The loan, equivalent to approximately ₱4.78 billion, was arranged through ACEN’s subsidiary, Diyos Renewables India Project Private Limited, according to a disclosure to the Philippine Stock Exchange on Wednesday, March 25.
The financing facility was provided by Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corporation, highlighting continued support from Japanese lenders for ACEN’s regional ambitions.
Proceeds from the greenfield project financing will be used to fund the first phase of the Bijapur Wind farm, which is designed with a capacity of 100 megawatts. Located in the Bijapur district of Karnataka, the facility will supply electricity under a long-term power purchase agreement with SJVN Limited, a state-owned enterprise under India’s Ministry of Power.
The project is scheduled for commissioning in 2027 and is expected to generate about 330 million kilowatt-hours of clean energy annually, enough to offset 300,000 tonnes of carbon dioxide emissions each year.
The move comes as ACEN deepens its commitment to the Indian market, where the government has set an ambitious target of reaching 500 gigawatts of renewable energy capacity by 2030. Patrice Clausse, Group Chief Investment Officer and CEO of ACEN International, said the financing reflects the confidence of global lenders in the company’s disciplined approach to project development.
He noted that the project strengthens ACEN’s footprint in India while supporting the country’s transition to cleaner energy systems.
Alok Nigam, CEO of ACEN’s India platform, said the financing supports the build-out of a portfolio that remains central to the group’s long-term growth. The funding follows a significant consolidation of ACEN’s Indian assets. Last month, the company, through ACEN Renewables International Pte. Ltd., moved to take full ownership of a 1,069-megawatt direct current portfolio in Rajasthan and Karnataka, following its joint venture with UPC Renewables.
The power producer is aggressively pursuing a target of 20 gigawatts of renewable energy capacity by 2030. India has emerged as a critical pillar of this strategy, alongside its domestic operations and assets in Australia and Vietnam.

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ACEN Corp. Ayala Corp. renewable energy (RE)
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