ACEN offloads 49% stake in another India wind asset
ACEN Corp. of the Zobel family is further unlocking value from its India wind portfolio through another strategic stake sale with Dutch firm Diamond India Renewables One B.V. (DIRO).
MANILA, Philippines — Zobel family-owned ACEN Corp. is divesting a significant portion of its India wind assets through a strategic sale to Dutch firm Diamond India Renewables One B.V. (DIRO). ACEN announced it will transfer up to a 49-percent stake in Avana Renewables Pte. Ltd., a company developing a 20-MW wind project in Karnataka, India.
The transaction, facilitated by an executed securities agreement, will be completed in stages, with DIRO initially acquiring a 10-percent voting interest. ACEN's decision aligns with its ongoing strategy of reducing equity in specific renewable power projects in India. The company's earnings surged 411 percent to P3.9 billion in the first half of 2026 due to strong performance in Philippine operations and other overseas markets.
ACEN's chief finance officer and chief strategy officer, Jonathan Back, expressed confidence in future growth, emphasizing a disciplined approach to project selection, particularly in the face of global energy market volatility following the Middle East conflict.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
