ACEN consolidates JV with UPC Renewables in India

Core Insights - ACEN has acquired complete ownership of its joint venture with UPC Renewables in India, enhancing its renewable energy platform with full control over a 1,059MW direct current portfolio [1][6] - The acquisition aligns with ACEN's strategy to expand its renewable energy footprint in key Asia-Pacific markets, particularly in India, which is seen as a core market for international growth [3][6] Project Details - The portfolio includes three renewable projects currently under construction and in advanced development stages located in Rajasthan and Karnataka, along with a pipeline of nearly 7GW of potential projects in India [2][5] - In July 2025, ACEN and UPC Renewables announced the development of two clean energy projects in India, comprising a 420MW solar farm in Rajasthan and a 120MW wind farm in Karnataka [7] Market Context - India's renewable energy sector is supported by strong policy backing, maturing market structures, and increasing demand for renewables, providing a solid foundation for sustainable growth [4][5] - The country aims to achieve 500GW of renewable energy capacity by 2030, with annual capacity tenders of approximately 50GW backed by long-term offtake contracts from the Indian Government [5]