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Manila Bulletin devider Business devider The Stock Market devider Ayala's ACEN sells 49% stake in India wind project to boost capital

Ayala's ACEN sells 49% stake in India wind project to boost capital

Published Jul 6, 2026 10:55 am
ACEN Corp. agreed to sell a minority stake in an Indian wind farm to a Dutch investor.
In a disclosure to the Philippine Stock Exchange on Monday, July 6, the renewable energy platform of the Ayala Group said it will divest a 49 percent stake in Diyos Renewables India Project Private Ltd. to Diamond India Renewables One B.V., a Netherlands-based affiliate of Japan’s Mitsubishi Corp.
Financial terms of the transaction were not disclosed.
ACEN said the transaction will close in phases, starting with an initial 10 percent voting interest for the Dutch company, and remains subject to standard regulatory approvals and closing conditions.
Proceeds from the sale will fund the ongoing construction of the 100-megawatt Bijapur wind utility project in Karnataka, India, which secured a 7.52-billion rupee (approximately ₱5.2 billion) project finance loan from Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp. earlier this year.
A shareholders' agreement was finalized alongside the sale among ACEN units Unlimited Renewables Holdings B.V., UPC Renewables India Management Private Ltd., and UPC APAC Holdings Pte. Ltd., the company said.
The deal follows a nearly identical transaction in June, when ACEN sold a 49 percent stake in its 250-megawatt Tejorupa solar farm in Rajasthan to the same Dutch affiliate.
ACEN gained total operational control over these assets in February after completing a 100 percent buyout of its former joint-venture partner, UPC India, gaining full ownership of 1,059 megawatts of operating and under-construction solar and wind projects across Rajasthan and Karnataka.
The energy company is aggressively scaling its operations in India, driven by the Indian government’s legally backed target to construct 500 gigawatts of non-fossil fuel electricity capacity by 2030.
ACEN’s broader development pipeline in India currently exceeds seven gigawatts of potential capacity, positioning the subcontinent as its largest international market outside the Philippines.
ACEN, which has set aside a capital expenditure budget of over ₱80 billion for 2026, aims to expand its total operating renewable capacity to over eight gigawatts by the end of the year.
The company's total regional portfolio spans approximately seven gigawatts of capacity across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. (Gabriell Christel Galang)

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