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ACEN to Divest Up to 49% Stake in 100 MW Karnataka Wind Project as It Expands Capital Recycling Strategy

Philippine renewable energy developer ACEN Corporation has signed an agreement to divest up to a 49 percent equity stake in its 100 MW wind power project in Karnataka to Diamond India Renewables One BV, reinforcing its strategy of attracting long-term investment partners while accelerating the expansion of its clean energy portfolio in India.

The transaction will be executed through Unlimited Renewables Holdings BV, ACEN's wholly owned subsidiary, which will transfer its shareholding in Diyos Renewables India Project Pvt. Ltd., the special purpose vehicle responsible for developing and constructing the Karnataka wind project. The divestment will take place in multiple phases, with Diamond India Renewables initially acquiring a 10 percent voting stake, followed by additional acquisitions that could increase its ownership to 49 percent.

The agreement marks the latest collaboration between ACEN and Diamond India Renewables. In June, the two companies announced a similar transaction involving the sale of up to a 49 percent stake in a 250 MW solar power project in Rajasthan, highlighting a broader partnership aimed at supporting renewable energy investments across India. The phased investment approach enables both companies to share project risks while mobilizing capital for future clean energy developments.

ACEN has been steadily expanding its footprint in the Indian renewable energy market. Earlier this year, the company completed the acquisition of the remaining stake in UPC Renewables' Indian business, giving it full ownership of an 819 MWac (1,059 MWdc) portfolio of renewable energy projects under development and construction across Rajasthan and Karnataka. The acquisition also added a development pipeline of nearly 7 GW, significantly strengthening ACEN's long-term growth prospects in one of the world's fastest-growing renewable energy markets.

India continues to attract substantial investment in renewable energy as the country works toward achieving 500 GW of non-fossil fuel electricity capacity by 2030 while reducing carbon emissions and improving energy security. Increasing demand for electricity, supportive government policies, competitive renewable energy auctions, and expanding transmission infrastructure have made the country a strategic destination for global clean energy developers and institutional investors.

For ACEN, the Karnataka transaction aligns with its capital recycling strategy, under which the company monetizes partial stakes in operating or developing assets while retaining significant ownership and operational involvement. The approach allows the developer to unlock capital for new renewable energy projects, improve financial flexibility, and accelerate the deployment of wind, solar, and energy storage assets across its key international markets.

The phased stake sale is expected to strengthen ACEN's partnership with Diamond India Renewables while supporting the timely development of the Karnataka wind project and contributing to India's ongoing transition toward a cleaner and more diversified power sector.