ACEN and UPC Renewables begin 540 MW solar and wind projects in India to accelerate green energy expansion

ACEN (PSE: ACEN), the publicly listed energy platform of the Ayala Group, has officially commenced construction of two large-scale renewable energy projects in India, totaling 540 megawatts (MW). Partnering with UPC Renewables, ACEN is developing a 420 MW solar farm in Rajasthan and a 120 MW wind power facility in Karnataka. The groundbreaking, announced on June 25, 2025, signifies a major milestone in both firms’ strategic push into the Indian market, one of the most dynamic clean energy growth zones globally.

The solar and wind projects are expected to reach completion by early 2027 and will generate an estimated 1,158 gigawatt-hours (GWh) of renewable electricity annually. This is expected to power approximately 241,000 Indian households and reduce carbon dioxide emissions by over 876,000 metric tons each year. In addition to environmental impact, the projects are forecast to create over 1,500 jobs during the construction phase, contributing to regional development and green workforce expansion.

How will ACEN’s Rajasthan solar farm and UPC Renewables’ Karnataka wind project contribute to India’s renewable energy mix?

The 420 MW solar installation is located in Barmer, Rajasthan, a region known for its high solar irradiance and desert terrain. The site is optimized to deliver 767 GWh of clean electricity per year. Rajasthan has long been targeted by developers for large-scale solar deployments due to favorable climate conditions, grid connectivity, and land availability. ACEN’s move to establish a significant foothold here underscores its confidence in India’s regulatory and energy transition environment.

Simultaneously, the 120 MW wind project in Karnataka will capitalize on the state’s monsoon-driven wind corridors and favorable elevation gradients. With projected annual production of 391 GWh, the wind farm further diversifies ACEN and UPC Renewables’ renewable mix in India, ensuring resilience across seasonal energy variations.

Together, the projects enhance both regional and national efforts to meet India’s target of sourcing 50% of electricity from non-fossil fuel sources by 2030. India has set a clean energy goal of 500 GW installed renewable capacity by the end of the decade.

What has been the historical collaboration between ACEN and UPC Renewables in the Indian energy sector?

The current projects build on a longstanding collaboration between ACEN and UPC Renewables. The two clean energy developers previously partnered on the 420 MW Masaya Solar, 70 MW Paryapt Solar, and 140 MW Sitara Solar projects—operational assets that collectively reflect over 630 MWp of deployed solar capacity in India. This track record has positioned both ACEN and UPC Renewables as credible institutional players within India’s competitive renewable energy landscape.

UPC Renewables, active globally since 1994, has delivered over 4 GW of renewable capacity across Asia, Europe, and the Americas. In India, the firm has emerged as a consistent partner in scalable projects, with local execution handled by UPC Renewables India under the leadership of CEO Alok Nigam.

The new developments are described by both firms as the “second phase of growth” for UPC’s Indian platform. ACEN, on its part, views the joint effort as critical to reaching its corporate targets of 100% renewable energy generation by 2025 and Net Zero greenhouse gas emissions by 2050.

What are institutional investors and analysts signaling about ACEN’s expansion into India’s renewable energy sector?

Institutional observers have broadly viewed ACEN’s India strategy as a high-leverage opportunity to deploy capital across scalable renewable infrastructure. India offers large site availability, favorable tariff regimes under competitive bidding, and accelerating grid modernization. These factors make it a core market for international energy investors seeking long-term yield assets.

Analysts note that ACEN’s approach—via partnerships with local and regionally established players like UPC Renewables—mitigates execution risk and ensures compliance with land and permitting frameworks. The electric utility developer’s regional diversification across the Philippines, Australia, Vietnam, India, and Lao PDR provides geographical insulation, especially amid evolving geopolitical and regulatory uncertainties in Asia-Pacific.

Financial sentiment around ACEN’s projects in India remains broadly positive, especially given the company’s ~7 GW attributable renewable energy capacity underpinned by operational, committed, and under-construction assets. Investors are closely monitoring ACEN’s ability to deliver projects on schedule and secure offtake agreements at commercially viable rates.

How will ACEN and UPC Renewables structure capital deployment for their 1 GW pipeline in India through 2027?

The 540 MW in Rajasthan and Karnataka represent the first tranche of a broader pipeline exceeding 1 gigawatt-peak (GWp) in India over the next two years. While detailed financial terms were not disclosed in the press release, ACEN and UPC Renewables have indicated that capital deployment will be managed through a disciplined, phased strategy, leveraging local partnerships and platform-based delivery.

Both firms are likely to use a mix of equity and project-level debt, in line with their previous developments in India. ACEN’s strategic framework emphasizes building, operating, and maintaining renewable infrastructure directly through its international teams and vetted local EPC contractors. The firm’s reputation for timely commissioning and adherence to budget has helped it establish a trusted position with financial backers.

UPC Renewables Chairman Brian Caffyn highlighted that this “next phase” deepens the partnership with ACEN while expanding the firm’s Asia-Pacific footprint. UPC’s operational model focuses on delivering bankable assets that meet regional clean energy goals and enable long-term institutional ownership.

What long-term impact do ACEN and UPC Renewables expect from these projects on India’s energy transition?

ACEN and UPC Renewables are positioning their India projects as not just standalone energy assets, but as key components of the country’s evolving energy ecosystem. With peak electricity demand rising sharply, particularly in industrial zones and urban centers, India will require stable baseload support from solar and wind, supplemented by storage and transmission upgrades.

In addition to reducing greenhouse gas emissions, the projects are expected to lower the cost of electricity over time by displacing imported fossil fuels and reducing reliance on coal. ACEN CEO Patrice Clausse emphasized the importance of “turning opportunities into action,” framing the developments as part of a larger transformation from ambition to infrastructure.

In the long run, India’s ability to achieve its green targets will depend on successful collaboration between global capital, local execution teams, and supportive policy environments. ACEN and UPC Renewables’ latest projects are illustrative of this model in action.