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Manila Bulletin devider Business devider The Stock Market devider ACEN sells 49% stake in Indian wind developer amid capital recycling strategy

ACEN sells 49% stake in Indian wind developer amid capital recycling strategy

Published Aug 18, 2026 03:30 pm
Ayala-led ACEN Corp. is selling as much as a 49 percent stake in Indian wind power project developer Avana Renewables to its local joint venture partner as part of its ongoing capital recycling program.
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, Aug. 18, ACEN said its unit, Unlimited Renewables Holdings B.V., signed a definitive agreement to sell up to a 49 percent interest in Avana to Netherlands-based investment vehicle Diamond India Renewables One B.V. (DIRO).
The transaction will proceed in tranches, beginning with DIRO acquiring an initial 10 percent voting interest.
While ACEN has not disclosed the precise monetary value of the deal, the company noted that the partnership will enable the strategic advancement of its 20-megawatt wind power development in Karnataka, India.
The transaction mirrors recent asset sales in ACEN’s overseas portfolio. The renewable energy firm earlier offloaded a similar 49 percent interest in Diyos Renewables India Project Private Ltd., where the buyer likewise secured an initial 10 percent voting stake.
The asset sales form part of a broader portfolio optimization effort across ACEN's operations in India, where the company recently secured full ownership of 1,059 megawatt-direct current in diversified clean energy projects across Rajasthan and Karnataka, along with a pipeline of approximately seven gigawatts of renewable assets nationwide.
Speaking at the PSE STAR investor briefing, ACEN Head of Corporate Finance and Investor Relations Gabby Blaza explained the rationale behind the group's investment shifts in South Asia, noting that the company consolidated its platform with UPC Renewables Asia Pacific Holdings Pte. Ltd. early this year before rationalizing specific project holdings.
That consolidation allowed ACEN to divest select operating units, lowering its operational footprint in India by just under 300 megawatts.
ACEN Chief Financial Officer Jonathan Back described the asset sales as a deliberate strategy of capital recycling, wherein the company develops or consolidates greenfield projects before bringing in strategic minority partners to release tied-up equity.
Bringing third-party capital in at the project or sub-platform level, complemented by opportunistic issuances of hybrid equity-linked instruments, will remain essential to funding ACEN’s future development pipeline.

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