ACEN, Dutch investor push India collab

ACEN Corp. of the Ayala group has strengthened its tie-up with Diamond India Renewables One BV (Diro), welcoming the Dutch investor into a new solar project.

In a regulatory filing on Wednesday, ACEN said its subsidiary Unlimited Renewables Holdings BV, or URH, completed a securities subscription and purchase agreement and a shareholders’ deal with Diro.

The agreements cover the acquisition by Diro of up to 49-percent interest in Ijya Five Renewables Private Ltd.

The transaction is seen closing in stages, with Diro securing an initial 10-percent voting interest in Ijya Five.

Ijya Five is leading the development of a 50-megawatt (MW) solar park in Rajasthan, India.

“The closing of the transaction is subject to the satisfaction of agreed contractual and customary conditions precedent,” ACEN added.

The deal marks the partnership’s fourth renewable energy project.

The transaction value of these agreements was not disclosed.

Three projects

The first three projects cover a similar agreement involving the purchase of up to a 49-percent stake in the following companies: Tejorupa Renewables India Project Private Ltd., Avana Renewables Private Ltd. and Diyos Renewables India Project Private Ltd.

Tejorupa Renewables is the company behind the construction of a 250-MW solar project in Rajasthan.

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Avana is currently building a 20-MW wind farm in Karnataka. Diyos, meanwhile, is developing a 100-MW wind asset in the same state.

Last week, ACEN said the two groups had completed a portion of a deal involving Tejorupa Renewables, with Diro getting an initial 10-percent voting interest.

While the Philippines remains the core market of ACEN, it has been boosting its presence in India.

As of September 2026, India accounts for 20 percent of ACEN’s net attributable capacity across its international operations.

At present, ACEN operates three solar parks with a combined capacity of 630 MW.