US-based BrightNight announced a partnership with ACEN Corporation, through ACEN Renewables International Private 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. The newly formed partnership aims to deploy USD 250 million equity plus
related performance guarantees.
BrightNight is the next-generation global renewable power producer to deliver clean and dispatchable solutions.
BrightNight and ACEN will 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 utility as well as commercial and industrial off-takers, a release by the
company said.
BrightNight brings to its advanced India portfolio, an experienced local team led by Sajay KV and Naveen Khandelwal, and differentiated capabilities to develop and optimize large-scale, multi-technology hybrid renewable power plants.
Across the Asia Pacific, ACEN has established a significant presence in its core market, the Philippines, and Australia, Vietnam, Indonesia, and India with ~4,000 MW of attributable renewable capacity. ACEN aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW in
renewables capacity by 2030. 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, the release said.
“ACEN is one of the largest and most respected renewables investors in the Asia Pacific, and we are honored they have chosen to work with us,” BrightNight CEO Martin Hermann said.
ACEN’s investment provides BrightNight with the additional resources to fund its India build-out 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.
