ACEN, BrightNight partner to deliver 1.2 GW of India renewables

ACEN Corp (PSE:ACEN), the listed energy platform of Philippine conglomerate Ayala Group, and US-based renewables company BrightNight have teamed up to develop and build BrightNight's initial 1.2-GW hybrid renewable energy portfolio in India.

ACEN plans to deploy USD 250 million (EUR 236m) equity plus related performance guarantees to back BrightNight’s existing portfolio and future growth.

The partners will work on hybrid wind-solar projects, with calibrated energy storage, capable of providing power around the clock. The projects are intended to supply demand from high credit rated central and state utility as well as commercial and industrial offtakers.

"With this partnership, we are significantly strengthening our foothold in India's fast-growing market as we shift from pure solar play to multi-technology renewables,” said ACEN International chief executive Patrice Clausse.

ACEN and its partners currently have a 450-MW portfolio of operating and under-construction solar assets in India.

(USD 1 = EUR 0.945)

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