Renewable energy company ACEN Corporation has entered into an agreement to divest up to a 49% stake in a 250 MW solar power project in Rajasthan, India, as part of its ongoing capital recycling strategy aimed at supporting future growth and investments.
The transaction will be carried out through ACEN subsidiaries Unlimited Renewables Holdings BV and Amsa Solar Holdco. The stake will be acquired by Diamond India Renewables One BV through an investment in Tejorupa Renewables India Project Pvt Ltd, the special purpose vehicle developing the solar project.
According to the agreement, the acquisition will be completed in phases, beginning with the purchase of an initial 10% voting interest. Subsequent stake transfers will be subject to customary closing conditions and regulatory approvals. Financial details of the transaction were not disclosed.
The 250 MW solar project is located in Rajasthan, one of India’s leading renewable energy markets, known for its strong solar resource potential and large-scale utility-scale solar developments.
The stake sale forms part of ACEN’s broader strategy of recycling capital from operating and development-stage assets to fund new renewable energy opportunities. Such transactions enable developers to unlock value from existing projects while maintaining exposure to high-growth markets.
The announcement follows ACEN’s recent consolidation of its Indian renewable energy business after acquiring full ownership of its former joint venture with UPC Renewables. Through that transaction, ACEN strengthened its presence in the country with a portfolio comprising projects under construction and development across Rajasthan and Karnataka, as well as a multi-gigawatt development pipeline.
India remains a key market in ACEN’s regional growth strategy as the country continues to accelerate renewable energy deployment and attract international investment into utility-scale solar and wind projects.
The latest transaction highlights the growing maturity of India’s renewable energy sector, where strategic investors are increasingly seeking stakes in high-quality clean energy assets while developers recycle capital to support further expansion.
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