AYALA-LED energy firm ACEN Corp. on Monday said that a wholly owned subsidiary in India had signed a deal to sell a stake in a wind project to Diamond India Renewables One B.V. (DIRO) for an undisclosed amount.
In a disclosure, ACEN said that Unlimited Renewables Holdings signed a securities sale and purchase agreement on July 3 for the sale of up to 49 percent of Diyos Renewables India Project Private Limited to Diamond India.
On the same day, a shareholders’ agreement was also completed among Unlimited Renewables, UPC Renewables India Management Private Ltd., UPC APAC Holdings Pte. Ltd. and DIRO.
“The transaction is expected to close in stages, with DIRO acquiring an initial 10 percent voting interest in Diyos,” ACEN told the stock exchange.
Wind power developer Diyos Renewables is jointly owned by ACEN and Japan’s Mitsubishi Corp. through their respective subsidiaries, Unlimited Renewables and Diamond India.
Diyos Renewables is currently developing a 100-megawatt (MW) wind power project in Karnataka.
Diamond India, meanwhile, is a Netherlands-based affiliate of Mitsubishi that operates as a foreign venture capital investor focused on acquiring and developing renewable energy assets in India.
Unlimited Renewables serves as ACEN’s international investment and development vehicle managing its renewable energy portfolio in India, which include the 250-MW alternating current Tejorupa solar farm in Rajasthan and the 100-MW Diyos wind project in Karnataka.
Last month, Unlimited Renewables also sold 49 percent of its stake in Indian solar project developer, Tejorupa Renewables India Project Private Limited, to Diamond India for an undisclosed amount.
ACEN shares on Monday jumped P0.11, or 3.55 percent, to close at P3.21 per share.