ACEN secures P4.78-B loan for India wind project

RENEWABLE energy developer ACEN Corp. has secured fresh funding worth 7.517 billion Indian rupees (P4.78 billion) from Japanese banks for its 120-megawatt (MW) wind power project in Karnataka, India.

Diyos Renewables India Project Private Ltd., ACEN’s project developer, obtained a green term loan facility from Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp., the company said in a statement on Wednesday.

“Securing this project finance facility underscores the strong confidence of global financial institutions in ACEN’s renewable energy platform and our disciplined approach to developing high-quality projects,” ACEN International Chief Executive Officer Patrice Clausse said, adding that the project strengthens the company’s presence in a key renewable energy market.

The funding will support the initial 100-MW phase of the Bijapur Wind project.

The project is scheduled for commissioning in 2027 and is expected to generate about 330 million kilowatt-hours of electricity annually, while avoiding around 300,000 metric tons of carbon dioxide emissions.

ACEN said the project supports India’s target of expanding renewable energy capacity to 500 gigawatts (GW) by 2030.

Once completed, the facility will supply electricity under a power purchase agreement with Indian state-owned firm SJVN Ltd.

“The Bijapur Wind project reflects our focus on delivering scalable, high-quality projects that contribute to India’s clean energy transition while creating sustained value on the ground,” said Alok Nigam, chief executive officer of ACEN’s India platform.

Last month, ACEN said it would take full control of its renewable energy business in India after acquiring the remaining stake held by Singapore-based UPC Renewables in their joint venture.

Following the acquisition, ACEN will own Unlimited Renewables Holdings B.V., which is developing three renewable energy projects in Rajasthan and Karnataka with a combined capacity of 1,059 MW, covering both construction and advanced development stages.

As of March 2026, India accounts for 40% of ACEN’s net attributable capacity across its international portfolio. The company currently operates three solar power projects in the country with a combined capacity of 630 MW.

ACEN, the listed energy platform of the Ayala group, manages an attributable renewable energy portfolio of 7 GW across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.

Shares in ACEN rose 3.75% on Wednesday to close at P2.77 each. — Sheldeen Joy Talavera