ACEN Consolidates JV With UPC Renewables, Takes Full Control of 1.06 GW Renewables Portfolio in India

ACEN, through its wholly owned subsidiary ACEN Renewables International Pte. Ltd. (ACRI), has consolidated its joint venture with UPC Renewables in India, resulting in ACEN acquiring 100% ownership of the renewable energy development platform.

The acquisition provides ACEN with full control over a fast-growing and diversified renewable energy portfolio of 1,059 MWdc (819 MWac), comprising three projects currently under construction and in advanced stages of development in Rajasthan and Karnataka, along with a development pipeline of nearly 7 GW across multiple renewable technologies in India.

The move significantly strengthens ACEN’s footprint in one of the world’s most dynamic clean energy markets and aligns with its broader strategy to scale renewable capacity across key growth regions in the Asia-Pacific.

Commenting on the development, Patrice Clausse, Group Chief Investments Officer and President and CEO of ACEN International, said India remains a core market for ACEN’s international expansion. He noted that full ownership of the platform would enable faster project development, improved portfolio optimization, and the delivery of clean and reliable power at scale.

“India’s strong policy framework, maturing power market structures, and growing renewable energy demand create a robust foundation for long-term sustainable growth,” Clausse said.

India as a Strategic Growth Market

ACEN continues to view India as a long-term strategic market, supported by favorable policy mechanisms and ambitious national renewable energy targets. The country has set a goal of achieving 500 GW of renewable energy capacity by 2030, supported by annual government-backed tenders totaling around 50 GW. These tenders, floated by agencies including SECI, SJVN, NHPC, and NTPC, provide developers with 25-year offtake agreements, significantly reducing project risk.

India’s regulatory ecosystem, characterized by stable policy structures, rule of law, and established dispute resolution mechanisms, further enhances investor confidence. Additionally, the rapid growth of domestic manufacturing capabilities for solar and wind equipment, coupled with increasing access to long-tenor financing from the banking sector, is strengthening the overall investment climate.

Building on a Long-Standing Partnership

The transaction builds on a long-standing partnership between ACEN and UPC Renewables, which has jointly developed renewable energy projects across the Philippines, Indonesia, Vietnam, Australia, and India.

Alok Nigam, CEO of UPC Renewables India, said the platform reflects years of close collaboration and a shared commitment to high-quality renewable energy development. He added that under ACEN’s full ownership, the portfolio is well positioned to expand further and contribute meaningfully to India’s clean energy transition.