BrightNight, a global renewable power producer, has announced a new partnership with ACEN Corporation, aimed at accelerating the development, construction, and operation of its initial 1.2 GW, multi-technology renewable power portfolio in India. The partnership will see a deployment of USD 250 million equity, along with related performance guarantees.
Together, the two companies will develop and build differentiated hybrid wind-solar projects, with a calibrated use of energy storage. The projects will operate around the clock, with a focus on serving the specific demand from high credit-rated central and state utility, as well as commercial and industrial offtakers.
ACEN is a significant investor in the Asia Pacific region, with a presence in the Philippines, Australia, Vietnam, Indonesia, and India. The company has around 4,000 MW of attributable renewable capacity and aspires to become the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW in renewables capacity by 2030. ACEN’s investment will provide for an accelerated build-out of BrightNight’s existing development pipeline of 1.2 GW hybrid and around the clock projects in India.
“We are honored to work with ACEN, one of the largest and most respected renewables investors in the Asia Pacific,” said BrightNight CEO Martin Hermann. “They have demonstrated success in scaling and operating large fleets of renewable assets through strategic partnerships across the region, and we have a shared vision on delivering what the India market requires: dispatchable, reliable, and affordable clean power.”
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The partnership with ACEN will provide BrightNight with the additional resources to fund its India build-out and long-term growth in a fast-growing market. ACEN has a deep network of suppliers and industry relationships across the renewables value chain in Asia, which will enable BrightNight to leverage these resources to achieve its objectives.
“With this partnership, we are significantly strengthening our foothold in India’s fast-growing market as we shift from pure solar play to multi-technology renewables,” said Patrice Clausse, ACEN International CEO. “We look forward to working with BrightNight’s highly experienced local team as our combined expertise will help India progress towards their energy transition goal and spur the global transition towards a Net Zero economy.”