Leading international law firm Clifford Chance has advised the Ayala Group’s listed energy platform ACEN Corporation, through ACEN Renewables International Pte. Ltd. and ACEN International, Inc., on the international aspects of its partnership with and investment in renewable energy producer BrightNight’s India platform. The partnership aims to deploy up to US$250 million equity plus related performance guarantees.
ACEN and BrightNight will develop, construct and operate a multi-technology renewable power portfolio in India, including over 1.2GW of BrightNight’s existing hybrid development pipeline. The pipeline includes hybrid wind-solar and energy storage projects that operate around the clock to provide clean and on-demand energy.
Partner Melissa Ng said, “India is seeing the largest increase in energy demand of any country and it is aiming to quadruple its renewable power capacity by 2030. Tackling this challenge requires innovative clean energy solutions, investment and in-depth knowledge of the energy and infrastructure sectors. Congratulations to ACEN and BrightNight on this landmark partnership, which will scale and deliver much-needed renewable energy projects in the world’s third largest energy market, accelerating India’s energy transition.”
Melissa and senior associate Matt Wentz led on the transaction, with support from trainee Derrick Tan in Singapore, and partner Jeroen Thijssen, counsel Leen Kranenburg and associate Robin Traas in Amsterdam. Khaitan & Co LLP acted as Indian local counsel.
ACEN has over 4,000MW 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. As one of the largest listed renewables platform in Southeast Asia, ACEN aims to reach 20GW of renewables capacity by 2030.
BrightNight is the first global renewable integrated power company. Working with utility and commercial and industrial customers across the US and Asia Pacific, the company designs, develops and operates safe, reliable, large-scale renewable power projects.
Clifford Chance has advised on major energy and infrastructure M&A transactions in India, including Partners Group on its US$400 million majority acquisition of renewable energy and decarbonisation platform Sunsure Energy and Adani Green Energy on its US$3.5 billion acquisition of SB Energy’s 5GW renewable power portfolio, the largest acquisition in India’s renewable sector.
