ACEN brings Dutch investor into second India RE project

ACEN CORP. has agreed to sell up to a 49% stake in another renewable energy (RE) project in India to Dutch investor Diamond India Renewables One B.V. (DIRO), expanding their partnership following a similar transaction last month.

In a regulatory filing on Monday, Unlimited Renewables Holdings B.V. (URH), ACEN’s wholly owned subsidiary, said it had entered into a securities sale and purchase agreement with DIRO covering up to a 49% stake in Diyos Renewables India Project Private Ltd.

“The transaction is expected to close in stages, with DIRO acquiring an initial 10% voting interest in Diyos,” the company said.

Diyos is developing a 100-megawatt (MW) utility-scale wind project in Karnataka, India.

The transaction follows ACEN’s agreement last month to sell up to a 49% stake in Tejorupa Renewables India Project Private Ltd. to DIRO, allowing the Dutch investor to participate in the development of a 250-MW solar project in Rajasthan.

Earlier this year, an ACEN subsidiary acquired the remaining 50% voting interest in URH from UPC India Pte. Ltd., giving the Ayala-led renewable energy company full ownership of more than 1 gigawatt (GW) of renewable energy projects in India.

URH is developing three renewable energy projects across Rajasthan and Karnataka with a combined capacity of 1,059 MW.

As of end-2025, India accounted for 26% of ACEN’s net attributable capacity from its international operations. The company operates three solar power projects in the country with a combined capacity of 1,344 MW.

ACEN had about 7 GW of attributable renewable energy capacity across operational, under-construction, and committed projects in the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States as of end-2025.

Shares in ACEN rose 3.55%, or 11 centavos, to close at P3.21 each on Monday. — Sheldeen Joy Talavera