ACEN buys out partner in India venture

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February 6, 2026 | 12:00am

MANILA, Philippines —  Ayala-led ACEN Corp. has taken full control of its expansion in India after acquiring Singapore-based UPC Renewables’ 50 percent stake in their joint venture.

This follows ACEN unit ACEN Renewables International Pte. Ltd.’s completion of a sale and purchase agreement with UPC India, which holds UPC Renewables’ investments in the South Asian country.

Financial details of the deal involving 2,724 common shares were not immediately made available.

The acquisition gives ACEN full ownership of over one gigawatt (GW) of portfolio in India, including three renewable energy projects under construction and in advanced development in Rajasthan and Karnataka.

The move likewise allows the Zobel family’s listed energy platform to take over a pipeline of nearly seven GW of projects, positioning India as a key growth market.

“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,” ACEN International president and CEO Patrice Clausse said.

The deal, he emphasized, would help the company fast-track project development, optimize its portfolio and expand its delivery of 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,” Clausse said.

India was the most attractive emerging market for renewable power investments in 2024, according to a Bloomberg report.

In June last year, ACEN started the development of a 420-megawatt solar farm and a 120-MW wind power plant in India, with completion targeted early next year.

These new projects build on the success of ACEN and UPC Renewables’ joint efforts, which already include three operational assets — the 420-MW Masaya Solar, the 70-MW Paryapt Solar and the 140-MW Sitara Solar.

“This platform is the result of years of close collaboration and shared commitment to developing high-quality renewable energy projects,” UPC Renewables India CEO Alok Nigam said.

“As ACEN takes full ownership, I am looking forward to continuing growing this portfolio and making a meaningful contribution to India’s clean energy transition,” Nigam added.

Over the next four years, India aims to achieve a renewable electricity capacity of 500 GW.