BrightNight has partnered with ACEN Corporation to accelerate development, construction and operation of its initial 1.2 gigawatts (GW) of hybrid round-the-clock (RTC) renewable power projects in India
The company along with ACEN, part of the Philippine-listed diversified conglomerate Ayala Corporation, also “aims to deploy” $250 million, roughly ₹2,000 crore on Tuesday’s exchange rate, worth of equity as well as related performance guarantees, the US-headquartered renewable power producer said in a statement.
The partnership with ACEN Corporation is through ACEN Renewables International and ACEN International, it added.
Hybrid wind energy projects
ACEN’s investment provides BrightNight with the additional resources to fund its India build-out and long-term growth. In addition, ACEN has a deep network of suppliers and industry relationships across the renewables value chain in Asia, BrightNight said.
Both the RE players will partner to develop and build differentiated hybrid wind-solar projects, with a calibrated use of energy storage, that operate round the clock, with a focus to serve the specific demand from high credit rated central and state utilities as well as commercial and industrial off-takers, it added.
BrightNight CEO Martin Hermann said “They (ACEN) have demonstrated success in scaling and operating large fleets of renewable assets through strategic partnerships across the region and we have a shared vision on delivering what the India market requires: dispatchable, reliable, and affordable clean power.” BrightNight works with its customers globally to design, develop, and operate safe, reliable, large-scale renewable power projects optimised to better manage the intermittent nature of renewable energy. In India, the company is led by industry veterans Sajay KV and Naveen Khandelwal, and they are currently developing a 1.2 GW differentiated wind-solar hybrid portfolio.
Wind-solar hybrid power project
In February 2023, BrightNight announced its first 100 megawatt (MW) co-located, wind-solar hybrid power project in Maharashtra that will deliver clean, high-capacity factor power to commercial and industrial (C&I) customers with a target commissioning date in Q1 2024,
ACEN International CEO Patrice Clausse said “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.”
Across the Asia Pacific, ACEN has established a significant presence in its core market, the Philippines, and Australia, Vietnam, Indonesia, and India with around 4 GW 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.
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