Acen buys 1200MW Indian wind, solar portfolio
- Partnership with BrightNight intends to deploy US$ 250m of equity
Worldwide renewable power producer BrightNight has developed a partnership with financier Acen Corporation to accelerate the growth, building, and also procedure of a 1200MW hybrid wind and solar portfolio in India.
The freshly developed partnership aims to release US$ 250m of equity plus related performance guarantees.
BrightNight as well as Acen will companion to establish and also build separated hybrid wind-solar projects, with a calibrated use power storage space, that operate all the time.
In February 2023, BrightNight introduced its initial 100MW co-located, wind-solar hybrid renewable power project in Maharashtra that will certainly deliver clean, high-capacity variable power to C&I customers in this State with a target commissioning date in Q1 2024.
The projects will certainly concentrate to serve the details demand from high credit ranked central and also state energy in addition to commercial and commercial offtakers.
Across the Asia Pacific, Acen has developed a considerable visibility in its core market, the Philippines, and Australia, Vietnam, Indonesia, and also India with 4000MW of attributable renewable capacity.
Acen aspires to be the largest listed renewables system in Southeast Asia, with an objective of getting to 20GW in renewables capacity by 2030.
Acen's investment will certainly attend to an accelerated buildout of BrightNight's existing growth pipeline of 1200MW hybrid and also around the clock projects in India.
BrightNight chief executive Martin Hermann stated: "Acen is just one of the biggest and also most revered renewables investors in Asia Pacific, as well as we are honored they have chosen to work with us.
" They have actually shown success in scaling as well as operating large fleets of renewable assets via strategic partnerships across the area, as well as we have a shared vision on delivering what the Indian market calls for: dispatchable, reputable, and also cost effective clean power."
ACEN's financial investment gives BrightNight with the extra sources to fund its India build-out and lasting growth in a fast-growing market.
Additionally, Acen has a deep network of vendors and industry partnerships across the renewables value chain in Asia.