Acen secures funding for India wind project
ACEN Corp. has secured a project finance term loan of 7.517 billion rupees (approximately P4.81 billion) through its India unit to support the development of the Bijapur wind project in Karnataka, India. In a disclosure on Wednesday, Ayala-led ACEN said the term loan was arranged through unit Diyos Renewables India Project Private Limited, with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp. providing greenfield project financing. The two Japanese financial giants will also partially help fund construction of the first phase of the Bijapur wind project, which has a targeted capacity of 100 megawatts (MW). “Securing this project finance facility underscores the strong confidence of global financial institutions in ACEN Corporation's renewable energy platform and our disciplined approach to developing high-quality projects,” ACEN International President and CEO Patrice Clausse said. He added that the Bijapur wind project “strengthens our growing presence in India and contributes to the country’s accelerating transition to cleaner power systems." Located in Karnataka, the project will supply renewable power under a purchase agreement with SJVN Limited, a government-owned company under India’s Ministry of Power.