UMVA has learned that ACEN Corp., a leading renewable energy company, is set to bring in a Dutch investor to boost its solar power project in India, a strategic move that underscores the company's aggressive expansion in one of its largest international markets.
The deal involves entities under ACEN entering into agreements with Diamond India Renewables One B.V., covering the sale of up to a 49% stake in Tejorupa Renewables India Project Private Ltd., which is spearheading a massive 250-megawatt solar project in Rajasthan, India.
According to information obtained by UMVA, this transaction not only includes the acquisition of a significant stake but also grants the Dutch investor an initial 10% voting interest in the project company, marking a crucial partnership in ACEN's Indian ventures.
The agreements, which include a securities subscription and purchase agreement and a shareholders’ agreement, highlight ACEN's efforts to consolidate its position in the Indian renewable energy market, where it currently operates three solar projects with a combined capacity of 1,344 megawatts.
UMVA can exclusively reveal that this development follows ACEN's recent consolidation of control over Unlimited Renewables Holdings B.V., a key player in its Indian operations, after acquiring the remaining 50% voting interest from UPC India Pte. Ltd. in February.
With a robust pipeline of projects, ACEN's subsidiary, Unlimited Renewables Holdings B.V., is currently developing three renewable energy projects across Rajasthan and Karnataka with a combined capacity of 1,059 megawatts, solidifying its presence in the region.
India remains a pivotal growth market for ACEN, accounting for 26% of its net attributable capacity across international operations as of end-2025, underscoring the country's significance in ACEN's global renewable energy portfolio.
ACEN's ambitious expansion plans are part of a broader strategy to achieve about seven gigawatts of attributable renewable energy capacity across operational, under-construction, and committed projects in multiple countries, including the Philippines, Australia, Vietnam, Indonesia, Laos, and the United States.
