**ACEN and UPC Renewables to Sell Stake in Indian Renewable Projects**
**Meta Description:** ACEN and UPC Renewables plan to divest a significant stake in their upcoming 1 GW renewable energy projects in India, valued at approximately $600 million.
**URL Slug:** acen-upc-renewables-india-stake-sale
**ACEN and UPC Renewables to Sell Stake in Indian Renewable Projects**
In a significant move within the renewable energy sector, the joint venture between ACEN, owned by the Philippines’ Ayala Corporation, and UPC Renewables is set to sell a substantial stake in its upcoming 1 gigawatt (GW) projects in India. This transaction, which could be valued at around $600 million, involves the offloading of up to 74% of three utility-scale renewable energy projects across the country.
Sources familiar with the matter, who requested anonymity, revealed that the sale process is being managed by EY, with an estimated equity value of approximately $200 million. The next steps in the process include signing non-disclosure agreements, sharing financial models and information memoranda, followed by management discussions and the submission of non-binding offers. Shortlisted bidders will then be invited to submit binding bids.
The projects in question comprise a 420 megawatt (MW) solar initiative in the Barmer region of Rajasthan, a 100 MW wind project in Karnataka, and a 520 MW wind and solar hybrid project expected to be commissioned by 2027. ACEN currently boasts an operational portfolio of 3.3 GW and an additional 3.7 GW under development globally, while UPC Renewables has 10 GW of installed capacity, with 7 GW of assets in the pipeline. Their joint venture, UPC Renewables India, has an operational capacity of 630 MW, which includes the 420 MW Masaya Solar in Madhya Pradesh, 70 MW Paryapt Solar in Gujarat, and 140 MW Sitara Solar in Rajasthan.
In a recent statement, the companies announced the commencement of construction on two major renewable energy projects in India: a 420 MW solar farm in Rajasthan and a 120 MW wind farm in Karnataka. Alok Nigam, CEO of UPC Renewables India, expressed enthusiasm about the second phase of growth for UPC India’s platform, highlighting the construction of these projects as part of a broader pipeline of over 1 GW of renewable energy projects planned for delivery over the next two years. This initiative aims to contribute significantly to India’s green energy transition.
India’s renewable energy sector has garnered considerable interest, driven by the country’s commitment to clean energy. The Central Electricity Authority (CEA) has projected a peak demand of 270 GW for this year, an increase from the previous high of 250 GW recorded in May of last year. Currently, India has an installed renewable energy capacity of 226.9 GW, with solar and wind power playing a crucial role in this growth.
**FAQ**
**What is the significance of ACEN and UPC Renewables’ stake sale in India?**
The stake sale is significant as it reflects the growing interest and investment in India’s renewable energy sector, which is crucial for the country’s clean energy transition and aims to meet increasing energy demands.
