AC Energy Partners with BrightNight to Advance Large-Scale Hybrid Wind-Solar Projects in India, Accelerating Renewable Energy Transition

Ayala Group’s energy platform, AC Energy (ACEN), has announced a strategic partnership with BrightNight, a US-based renewable energy company, to collaborate on developing, constructing, and operating large-scale hybrid wind-solar projects in India. This partnership aims to leverage ACEN’s commitment of deploying $250 million in equity, along with performance guarantees, to support BrightNight’s existing portfolio and future growth initiatives.

ACEN, through its subsidiaries ACEN Renewables International and ACEN International, will assist in accelerating the development of BrightNight’s pipeline, which currently stands at over 1.2 GW of hybrid projects in India. This includes a unique 100 MW co-located wind-solar project in Maharashtra. These hybrid projects, incorporating storage technologies, will provide round-the-clock renewable power, catering to the specific needs of utility customers and industrial clients.

With ACEN already owning a significant solar farm portfolio of 630MWdc (450 MWac) in India, this partnership further solidifies its presence in the country’s rapidly expanding renewable energy market. BrightNight, renowned for its expertise in developing large-scale hybrid renewable power plants, brings valuable local experience and capabilities to the collaboration.

India’s energy demand is projected to grow substantially in the coming years, making partnerships like this crucial for advancing the nation’s energy transition goals. Patrice Clausse, CEO of ACEN International, emphasized the significance of this partnership in transitioning towards a multi-technology renewable energy landscape in India.

Martin Hermann, CEO of BrightNight, expressed his appreciation for ACEN’s reputation and success in the Asia Pacific region and highlighted their shared vision of delivering reliable and affordable clean power solutions to the Indian market.

BrightNight is actively developing a global portfolio of 23 GW across various regions, including the US, Asia Pacific, and India. The company focuses on delivering renewable energy projects that address the intermittency challenges associated with renewables.

The transaction was facilitated by HSBC as financial advisor to BrightNight, with legal support from King & Spalding LLP, Clifford Chance LLP, Cyril Amarchand Mangaldas, and Khaitan & Co LLP. EY and GT acted as global tax advisors for the deal.