ACEN Takes Full Control of India Renewables Platform, Consolidates 1,059 MWdc

ACEN, through its subsidiary ACEN Renewables International Pte. Ltd. (ACRI), has consolidated its joint venture with UPC Renewables in India, making the development platform 100 percent owned by ACEN. The acquisition gives ACEN full control of a fast-growing and diversified renewable energy portfolio in one of the world’s most attractive clean energy markets.

Following the transaction, ACEN now fully owns a 1,059 MWdc (819 MWac) diversified portfolio. This includes three renewable energy projects under construction and in advanced stages of development in Rajasthan and Karnataka, along with a pipeline of nearly 7 GW of renewable energy projects across India.

India as a Key Growth Market

ACEN remains positive on India as a long-term renewables market, supported by strong fundamentals and a favourable policy environment. India has set a target of 500 GW of renewable energy capacity by 2030, backed by around 50 GW of annual capacity tenders issued by government-owned intermediaries such as Solar Energy Corporation of India (SECI), SJVN, NHPC, and NTPC.

These tenders typically allow developers to secure 25-year offtake contracts that are effectively supported by the Government of India. According to ACEN, India’s regulatory framework is well established and predictable, with strong rule of law and effective mechanisms for redress and compensation in the event of regulatory changes.

Patrice Clausse, Group Chief Investments Officer and President and CEO, ACEN International, said, “India is a core market for ACEN’s international growth, and this transaction reflects our long-term confidence in the country’s renewable energy sector. With full ownership of this platform, we are well positioned to accelerate development, optimize our portfolio, and continue delivering clean, reliable power at scale. India’s strong policy support, maturing market structures, and growing demand for renewables provide a solid foundation for sustainable growth.”

The company also highlighted India’s growing domestic manufacturing base for key equipment, including solar cells and wind turbine components, which is improving supply chain resilience and reducing exposure to global volatility. This is complemented by an increasingly mature banking sector capable of providing long-tenor project financing.

Long-Standing Partnership with UPC Renewables

UPC Renewables has been a long-time partner of ACEN, with collaborations spanning the Philippines, Indonesia, Vietnam, Australia, and India. The transaction builds on this partnership and reflects the successful development of the India platform over several years.

Alok Nigam, CEO of UPC Renewables India, said, “We are proud of what we have built with ACEN and UPC in India and across the region. This platform is the result of years of close collaboration and shared commitment to developing high-quality renewable energy projects. As ACEN takes full ownership, I am looking forward to continue growing this portfolio and make a meaningful contribution to India’s clean energy transition.”