By Aman Malik
ACEN Corp, the listed renewable energy arm of the Philippines' Ayala Group, has agreed to sell up to a 49% stake in Tejorupa solar-energy project in Rajasthan to Diamond India Renewables One B.V., a Netherlands-based affiliate of Japan's Mitsubishi Corporation, as the company looks to recycle capital from existing assets to fund fresh growth.
Two ACEN subsidiaries have signed agreements with Diamond India Renewables paving way for its entry into the special purpose vehicle that is developing the 250 MW solar-power project, according to a filing made by ACEN at the Metro Manila-based stock exchange this week.
The deal will be completed in stages. 
Diamond India Renewables will first acquire an initial 10% voting interest in the project company, with subsequent tranches taking its total stake up to 49%, subject to customary closing conditions and regulatory approvals. ACEN did not disclose the financial terms of the transaction.
Rajasthan is one of India's most active markets for utility-scale solar development, drawing sustained investor interest because of the strong resource potential and supportive state policy. 
The stake sale comes a few months after ACEN moved to take full control of its India business. 
The company had built its India presence through a joint venture with US-based UPC Renewables, under which the two partners held equal stakes in the platform housing their Indian projects. In February, an ACEN subsidiary bought out UPC India's remaining 50% voting interest in the venture, giving ACEN sole ownership of a portfolio comprising more than 1,000 MW of renewable energy projects under construction and in development across Rajasthan and Karnataka. That buyout also brought into ACEN's fold the three operating solar assets the partners had built together in India.
India ranks among ACEN's largest international markets. As of the end of last year, the country accounted for roughly a quarter of the company's net attributable capacity outside the Philippines. 
ACEN currently operates three solar projects in India with a combined capacity of more than 1,300 MW, in addition to assets under construction and in the pipeline.
The latest transaction underscores a broader trend in India's renewable energy sector, where developers are increasingly looking to bring in strategic investors at the project level to free up capital for new development, while retaining a foothold in a market that continues to attract significant international investment in utility-scale solar and wind.
ACEN's group chief investments officer, who also serves as president and chief executive of ACEN International, has said previously that India is a core market for the company's overseas expansion, and that the deal reflects long-term confidence in the country's renewable energy sector. 
Beyond India and the Philippines, ACEN holds renewable energy assets in Australia, Vietnam, Indonesia and Laos, as well as the United States. Across these markets, the company's attributable renewable energy capacity stands at roughly 7 GW, spanning operating, under-construction and committed projects.
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