West Palm Beach (Florida) [USA]/ Gurugram (Haryana) [India], March 13 (ANI/PRNewswire): 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. The newly formed partnership aims to deploy USD 250 million equity plus related performance guarantees.
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 utility as well as commercial and industrial offtakers.
BrightNight brings its advanced India portfolio, 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.
"ACEN is one of the largest and most respected renewables investors in Asia Pacific, and we are honored they have chosen to work with us," BrightNight CEO Martin Hermann said. "They 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."
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.
Patrice Clausse, ACEN International CEO, 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. We look forward to working with BrightNight's highly experienced local team as our combined expertise will help India progress towards their energy transition goal and spur the global transition towards a Net Zero economy."
BrightNight and Its India Presence
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. BrightNight works with its customers globally to design, develop, and operate safe, reliable, large-scale renewable power projects optimized to better manage the intermittent nature of renewable energy.
In India, the BrightNight team is led by industry veterans Sajay KV and Naveen Khandelwal, and they are currently developing a 1.2 GW differentiated wind-solar hybrid portfolio. In February 2023, BrightNight announced its first 100 MW co-located, wind-solar hybrid renewable power project in Maharashtra that will deliver clean, high-capacity factor power to C&I customers in this State with a target commissioning date in 1Q 2024 (link).
"With ACEN's partnership, we have the resources to significantly accelerate our India development program," BrightNight's Managing Director of Asia Jerome Ortiz said. "We have an already strong presence in country, a differentiated portfolio, and an experienced team, so we are positioned to scale-up and contribute to delivering hybrid and around the clock renewable solutions to India. I am confident that the combination of ACEN and BrightNight will be a winning player in India's next phase of energy transition."
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.
BrightNight is the first global renewable integrated power company designed to provide utility and commercial and industrial customers with clean, dispatchable renewable power solutions. BrightNight works with customers across the U.S. and Asia Pacific to design, develop, and operate safe, reliable, large-scale renewable power projects optimized to better manage the intermittent nature of renewable energy. Its deep customer engagement process, team of proven power experts, and industry-leading solutions enable customers to overcome challenging energy sustainability standards, rapidly changing grid dynamics, and the transition away from fossil fuel generation. To learn more, visit: www.brightnightpower.com
ACEN (PSE:ACEN) is the listed energy platform of the Ayala Group. The company has ~4,000 MW of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 98%, which is among the highest in the region. ACEN's aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030. ACEN is committed to transition the company's generation portfolio to 100% renewable energy by 2025 and to become a Net Zero greenhouse gas emissions company by 2050.
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