ACEN completes initial 10% stake sale in India solar project to DIRO
ACEN Corp. has completed the divestment of an initial 10% voting interest in Tejorupa Renewables India Project Private Ltd. to Diamond India Renewables One B.V. The transaction, which closed on 23 Sept, is part of a proposed sale of up to 49% of the Indian solar project company.
ACEN Corp. has completed the divestment of an initial 10% voting interest in Tejorupa Renewables India Project Private Ltd. as part of its proposed sale of up to 49% of the Indian solar project company.
In a regulatory filing on Thursday, ACEN said Diamond India Renewables One B.V. (DIRO) acquired the initial 10% interest after all relevant conditions under the securities subscription and purchase agreement had been satisfied. The transaction closed on 23 Sept.
The transaction follows ACEN’s 12 June disclosure on the proposed divestment of up to 49% of Tejorupa. Tejorupa is developing a 250-megawatt (MW) solar utility project in Rajasthan, India.
The transaction involves ACEN units Unlimited Renewables Holdings B.V. (URH) and Amsa Solar Holdco Pte. Ltd., which earlier signed a securities subscription and purchase agreement and a shareholders’ agreement with DIRO. ACEN is also planning to divest stakes of up to 49% in projects with capacities of 100 MW and 20 MW in Karnataka.
As of September 2026, India accounted for 20% of ACEN’s net attributable capacity across its international operations. The company operates three solar projects in India with a combined capacity of 630 MW.
Earlier this year, ACEN assumed full ownership of Singapore-based URH, which is developing three projects across Rajasthan and Karnataka with a combined capacity of 1,059 MW. Across its markets, ACEN has 7.5 gigawatts (GW) of attributable renewable energy capacity from projects in operation, under construction, and covered by signed agreements.
The company has operations and projects in the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. For the six months ended June, ACEN’s attributable net income rose more than fivefold to P3.9 billion, while revenue increased by 47.1% to P23.13 billion from P15.72 billion a year earlier. ACEN shares fell by 1.47% to P2.69 apiece on Thursday.
