BrightNight, ACEN Ink Pact For India Renewables Buildout
BrightNight and ACEN will partner to develop and build differentiated hybrid wind-solar projects.
Renewable power producer BrightNight on Monday announced its partnership with ACEN Corporation and plan to deploy $250 million equity for the development and operation of BrightNight's 1.2 giga watt renewable energy portfolio.
BrightNight and ACEN will partner to develop and build differentiated hybrid wind-solar projects, with a calibrated use of energy storage, that operate around the clock, with a focus to serve the specific demand from high credit rated central and state utilities as well as commercial and industrial offtakers, a statement said.
"BrightNight, the next generation and global renewable power producer built to deliver clean and dispatchable solutions, today announced that it has formed a partnership with ACEN Corporation, through ACEN Renewables International Pte Ltd. and ACEN International, Inc. (collectively, ACEN), to accelerate the development, construction, and operation of BrightNight's initial 1.2 GW, multi-technology renewable power portfolio in India," it stated.
The partnership aims to deploy $250 million equity plus related performance guarantees, it added.
BrightNight brings its advanced India portfolio with the experienced local team led by Sajay KV and Naveen Khandelwal and differentiated capabilities to develop and optimise large scale, multi-technology hybrid renewable power plants.
Across the Asia Pacific, ACEN has established a significant presence in its core market, including in the Philippines, Australia, Vietnam, Indonesia and India, with 4,000 mega watt of attributable renewable capacity.
ACEN's investment will provide for an accelerated buildout of BrightNight's existing development pipeline of 1.2 GW hybrid and around the clock projects in India.
"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," BrightNight Chief Executive Officer Martin Hermann said.
ACEN's investment provides BrightNight with the additional resources to fund its India buildout and long-term growth in a fast-growing market. In addition, ACEN has a deep network of suppliers and industry relationships across the renewables value chain in Asia.
Patrice Clausse, ACEN International CEO, said in the statement, "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."
BrightNight is developing a global portfolio of 23 GW across the U.S. and Asia Pacific, including India, Australia, the Philippines, and Bangladesh, and is backed by some of the most respected investors in the global energy sector.
"With ACEN's partnership, we have the resources to significantly accelerate our India development program," BrightNight's Managing Director of Asia Jerome Ortiz said.
HSBC acted as financial advisor for this transaction; King & Spalding LLP and Clifford Chance LLP acted as international legal advisors; Cyril Amarchand Mangaldas and Khaitan & Co LLP as Indian legal advisors; and EY and GT acted as global tax advisors.