ACEN sees India as new growth market

MANILA, Philippines – ACEN Corp., the energy arm of Ayala Group, sees the Indian market as a new growth engine, with its attributable renewable energy capacity in this populous nation now at 2.1 gigawatts (GW).

With President Ferdinand Marcos Jr. visiting the country last week, ACEN highlighted its growing operations in India since entering the market in 2019. “India has become a cornerstone of our regional renewables strategy,” ACEN International chief executive officer Patrice Clausse said in a statement Monday.

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READ: ACEN postpones P30-B stock rights offering

“Its ambitious target of 500 GW of renewable capacity by 2030, along with a supportive policy environment, provides a strong platform for long-term investment and collaboration,” Clausse added.

The company, as part of expanding its presence in the local sector, has teamed up with major players—UPC Renewables and another with Yanara, formerly BrightNight India.

Partnerships

The partnerships have led to firing up about 630 megawatts (MW) of capacity, with a series of projects still under development across Rajasthan, Karnataka, Gujarat, Maharashtra and Madhya Pradesh. Among them is a 420-MW solar farm, alongside renewable energy projects in Rajasthan, as well as a 120-MW wind facility in Karnataka.

“India stands out for its scale, innovation and openness to global collaboration,” Clausse said.

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“We look forward to continuing our partnerships and supporting India’s clean energy goals for the decades ahead,” the official said.

READ: ACEN logged 88% drop in January-June earnings

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Aside from the Philippines and India, ACEN is also present in Australia, Vietnam, Lao PDR and Indonesia.

Meanwhile, in a separate filing, ACEN has decided to hold off its P30-billion stock rights offering originally slated next month.

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The company said this was decided due to “the revised scheduling of the group’s capital expenditures in a number of its markets in Southeast Asia.”

No new timeline has been set yet. The firm earlier said proceeds from this activity would help finance its renewable energy expansion over the next few years.

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