* U.S. based renewable firm, BrightNight, has joined hands with ACEN Corporation,a Philippine listed energy platform of the Ayala Group, to accelerate the development, construction, and operation of BrightNight's initial 1.2 GW, multi-technology renewable power portfolio in India.
U.S. based renewable firm, BrightNight, has joined hands with ACEN Corporation, a Philippine listed energy platform of the Ayala Group, to accelerate the development, construction, and operation of BrightNight's initial 1.2 GW, multi-technology renewable power portfolio in India. The partnership is formed through ACEN Renewables International Pte. Ltd. and ACEN International, Inc. (collectively known as ACEN). With this partnership, both the firms has a target to deploy USD 250 million equity plus related performance guarantees.
Further, the partnership has plans to develop and build specialised hybrid wind-solar projects, with a calibrated use of energy storage with the capacity to work round the clock. In addition, it would serve the specific demand from high credit rated central and state utility as well as commercial and industrial buyers.
It may be recalled that BrightNight entered India's energy market in the year 2021 and now boasts of having advanced India portfolio, with the local team being led by Sajay KV and Naveen Khandelwal.
A significant player in the APAC region, ACEN, has already marked its presence in its core market in countries like Philippines, Australia, Vietnam, Indonesia, and India with approximately 4,000 MW of attributable renewable capacity. As per the firm, ACEN aspires to be the largest listed renewables platform in Southeast Asia having a goal of reaching 20 GW in renewables capacity by 2030.
ACEN's investment along with the deep network of suppliers and industry relationships across the renewables value chain in Asia, is expected to provide an impetus to BrightNight's existing development pipeline of 1.2 GW hybrid and around the clock projects across India.
Commenting on the partnership, BrightNight CEO Martin Hermann said, "ACEN is one of the largest and most respected renewables investors in Asia Pacific, and we are honoured they have chosen to work with us," and he further added, "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."
ACEN International, CEO, Patrice Clausse, pointed out saying, "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. 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."
Recently, in February 2023, BrightNight announced its first 100 MW co-located, wind-solar hybrid renewable power project in Maharashtra that will deliver clean, high-capacity factor power to commercial and industrial customers in the state with a target commissioning date in 2024.
Commenting on the opportunities through this deal, BrightNight's Managing Director of Asia Jerome Ortiz said, "With ACEN's partnership, we have the resources to significantly accelerate our India development program."
Dwelling on his firm's presence in India, he noted, "We already have a strong presence in country, a differentiated portfolio, and an experienced team, so we are positioned to scale-up and contribute to delivering hybrid and around the clock renewable solutions to India. I am confident that the combination of ACEN and BrightNight will be a winning player in India's next phase of energy transition."