BrightNight, ACEN to Develop 1.2 GW Hybrid Renewable Projects in India
The companies will invest $250 million in equity and performance guarantees
March 13, 2023
Independent power producer BrightNight and ACEN Corporation, through ACEN Renewables International and ACEN International, will jointly develop BrightNight’s first 1.2 GW renewable energy portfolio in India, utilizing multiple technologies.
The partnership would invest $250 million in equity and performance guarantees.
The parties will construct hybrid wind-solar projects incorporating energy storage to function round-the-clock. The projects would cater to the specific needs of high credit-rated central and state utilities and commercial and industrial offtakers.
“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,” said Patrice Clausse, ACEN International CEO.
ACEN has a prominent presence in its core market, the Philippines, as well as in Australia, Vietnam, Indonesia, and India, with ~4 GW of renewable capacity under its umbrella in the Asia-Pacific region. ACEN aims to achieve 20 GW in renewable capacity by 2030.
BrightNight is creating a worldwide renewable energy portfolio of 23 GW in the U.S. and Asia Pacific, including India, Australia, the Philippines, and Bangladesh.
BrightNight said in February that it intends to establish its initial 100 MW co-located wind-solar hybrid renewable power project in Maharashtra, aiming to supply clean, high-capacity factor power to commercial and industrial customers in the state. The project is set to be commissioned in the first quarter of 2024.
In November last year, ACEN joined forces with Clean Energy Finance Corporation (CEFC) to develop an 8 GW clean energy portfolio, including solar, wind, battery, and pumped hydro. CEFC will invest $75 million into the project to help accelerate large-scale renewable assets across Australia.
Last February, UPC Solar Asia Pacific and ACEN initiated the construction of the Masaya Solar Farm, a 300 MW solar project, in Madhya Pradesh.
Arjun Joshi
More articles from Arjun Joshi.
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