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Manila Bulletin devider Business devider Trade & Industry devider Ayala's ACEN takes full control of 1-gigawatt India solar portfolio

Ayala's ACEN takes full control of 1-gigawatt India solar portfolio

Published Feb 5, 2026 09:49 am
Ayala-led ACEN Corp has moved to consolidate its footprint in South Asia by taking full control of its Indian renewable energy joint venture.
In a disclosure to the Philippine Stock Exchange on Thursday, Feb. 5, ACEN said its international subsidiary, ACEN Renewables International Pte. Ltd., finalized the acquisition of its partner’s stake in the venture with UPC Renewables.
The buyout grants ACEN 100 percent ownership of a portfolio totaling 1,059 megawatts of solar projects currently under construction or in advanced stages of development in Rajasthan and Karnataka.
Beyond the immediate acquisition of the gigawatt-scale assets, the company disclosed a development pipeline in the country exceeding seven gigawatts. ACEN is betting on India’s “strong policy environment” and the government’s mandate to reach 500 gigawatts of renewable capacity by the end of the decade.
The Indian market has become a magnet for regional energy players due to the structured nature of its power procurement. ACEN noted that tenders issued by state-backed entities—including Solar Energy Corp. of India, SJVN Ltd., NHPC Ltd., and NTPC Ltd.—allow developers to lock in 25-year offtake agreements.
The contracts, effectively backed by the central government, provide the long-term revenue certainty required to finance large-scale infrastructure.
“India is a core market for our renewable energy investments,” said Patrice Clausse, chief executive officer of ACEN International. Clausse noted that full ownership of the platform allows the company to optimize its portfolio and accelerate development at a time when the market is maturing and demand for clean power is surging.
While global supply chains for solar components have been volatile, ACEN signaled confidence in India’s domestic capabilities, characterizing the local supply chain as increasingly reliable and resilient to global shocks.
The company also cited the country’s stable regulatory framework and legal protections as key drivers for the investment.
Alok Nigam, CEO of UPC Renewables, stated that the transition follows years of collaboration and that the platform is well positioned to contribute to India’s energy transition.
ACEN, which currently has roughly five gigawatts of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, is aiming to become the largest listed renewables platform in Southeast Asia.
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