Unlimited Renewables Holdings B.V. (URH), a subsidiary of ACEN Corp., has finalized agreements for Diamond Renewables One B.V. (DIRO) to acquire up to 49 percent of Avana Renewables Private Ltd., starting with an initial 10-percent stake.
In a disclosure to the stock exchange Tuesday, ACEN said URH completed the execution of a securities subscription and purchase agreement with DIRO and a shareholders’ agreement with DIRO and UPC Renewables India Management Private Ltd. in respect of the acquisition by DIRO of up to 49 percent of Avana.
Avana is currently developing a 20-megawatt (MW) wind project in Karnataka, India, with the transaction expected to close in stages.
The deal will close once all standard and agreed-upon conditions are met.
ACEN, the Ayala Group’s energy platform, has committed to achieving 20 gigawatts (GW) of renewable energy (RE) capacity by 2030 and reaching net-zero greenhouse gas emissions by 2050. It is actively accelerating the energy transition across the Philippines, Australia, Vietnam, and India.
The power firm’s existing attributable capacity reached 7.5GW. In the first quarter, it added about 3.3 GW of RE capacity and 740 megawatts (MW) of battery energy storage system (BESS), equivalent to 1,660 megawatt hours of batteries in the Philippines.
ACEN corporate finance head Gabby Blaza said the company executed value realization and capital recycling deals in India.
‘You may recall that sometime in the first quarter of 2026, we consolidated one of our two platforms in India, the one with UPC Renewables. And after fully consolidating that platform, we sold down a couple of the plants within that platform, and that resulted in a reduction in Indian capacity by just under 300 megawatts.
The rest of the portfolio remains stable. And in Australia, particularly, you can see the increase of about 200 megawatts is attributable to the battery there that’s well under construction,’ he said.
According to ACEN Chief Finance Officer and Group Strategy Officer Jonathan Back, the company is shifting toward an asset-light, capital-recycling model by consistently selling down stakes in its projects globally, mirroring a strategy already used in India.
‘We expect to continue to grow, but we will be very, very disciplined about the projects that we bring into the portfolio in terms of their return requirements…Our primary goal is to be funding the next phases of growth really through capital recycling, value realization.
We talked earlier about those sell-downs of a couple of projects in India. We very much see that as a model that we want to adopt more consistently, not just in India, but elsewhere, so that we are more efficiently recycling capital,’ he said.