ACEN consolidates India platform with 100% ownership

This acquisition gives ACEN control of a fast-growing and diversified renewables portfolio in one of the world’s most attractive clean energy markets.

Following the acquisition, ACEN now fully owns a 1059 MWdc (819 MWac) diversified portfolio, comprising three renewable projects under construction and advanced development in Rajasthan and Karnataka, alongside a pipeline of nearly 7 GW of renewable energy projects across India.

This strategic move strengthens ACEN’s presence in India and supports its broader ambition to scale renewables across key growth markets in Asia-Pacific.

Patrice Clausse, Group Chief Investments Officer and President and CEO, ACEN International, commented: “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, optimise 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.”

ACEN remains positive on India as a long-term renewables market, underpinned by strong fundamentals and a supportive policy environment. The country has set a target of 500 GW of renewable energy capacity by 2030, backed by approximately 50 GW of annual capacity tenders from government-owned intermediaries such as SECI, SJVN, NHPC, and NTPC. These tenders enable developers to secure 25-year offtake contracts that are effectively supported by the Government of India.

India’s regulatory framework is well established and predictable, with strong rule of law and effective mechanisms for redress and compensation in case of changes in regulation. The country’s growing domestic manufacturing base for key equipment, including solar cells and wind turbine components, is strengthening supply chain resilience and reducing exposure to global volatility. Combined with an increasingly mature banking sector that can provide long-tenor project financing, India offers a compelling environment for both growth and capital recycling.

UPC Renewables has been a long-time partner of ACEN, having collaborated on projects across the Philippines, Indonesia, Vietnam, and Australia, in addition to India. The transaction builds on this partnership and reflects the successful development of the India platform over the years.

Alok Nigam, CEO of UPC Renewables India, concluded: “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.”

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