ACEN Corp. has announced a significant partnership with Dutch investor Diamond India Renewables One B.V. (DIRO) to acquire a stake in a new renewable energy project in India. This collaboration comes shortly after a previous agreement with DIRO regarding another project.
Details of the New Partnership
The deal involves ACEN's wholly owned subsidiary, Unlimited Renewables Holdings B.V. (URH), which will sell up to a 49% stake in the Diyos Renewables India Project Private Ltd. This project is set to develop a 100-megawatt (MW) wind facility in Karnataka.
The transaction is expected to close in stages, with DIRO acquiring an initial 10% voting interest in Diyos.
ACEN Corporation
- The Diyos project aims to enhance India's renewable energy capacity.
- ACEN's previous agreement with DIRO involved a 250-MW solar project in Rajasthan.
This latest venture builds on ACEN's strategic expansion in India, where it has been increasing its renewable energy portfolio. Earlier this year, ACEN took full control of URH, acquiring the remaining 50% interest from UPC India Pte. Ltd.
Currently, URH is managing three renewable energy projects across Rajasthan and Karnataka, boasting a combined capacity of 1,059 MW. As of the end of 2025, India represented 26% of ACEN's net attributable capacity from international operations.
In total, ACEN operates three solar power projects in India, contributing to its overall capacity of 1,344 MW in the country. The company's total renewable energy capacity across various regions, including the Philippines, Australia, and the U.S., stands at about 7 GW.
Following the announcement of the new partnership, ACEN's shares increased by 3.55%, closing at P3.21 each.