BrightNight, a U.S.-based renewable energy company, has formed a partnership with Philippines-based ACEN that plans to deploy $250 million equity plus related performance guarantees for the development, construction and operation of BrightNight’s 1.2-Gigawatt (GW) renewable power portfolio in India.

The partnership plans to develop differentiated hybrid wind-solar projects with a focus on serving the specific energy generation and storage needs of central and state utilities, as well as commercial and industrial (C&I) offtakers. 

BrightNight brings to the partnership energy veterans BrightNight India CEO Sajay KV and CFO and COO Naveen Khandelwal, as well as its portfolio including the Optima project, announced in January to be located in the Indian State of Maharashtra. 

Optima is planned to be a differentiated 100 megawatt (MW) co-located wind-solar hybrid renewable energy project designed to provide clean, high-capacity power to C&I customers. BrightNight has already secured grid connectivity at the state grid-station and is aiming to commission the project by first-quarter 2024.

BrightNight has a global portfolio of 23 GW spanning the U.S. and Asia Pacific, including India, Australia, the Philippines and Bangladesh, and is backed by global energy sector investors such as Cordelio, a subsidiary of the Canadian Pension Plan Investment Board, and Global Infrastructure Partners. ACEN’s investment will provide accelerated buildout of BrightNight’s existing development pipeline in India.

ACEN’s presence in Asia Pacific includes a portfolio of about 4000 MW of attributable renewable capacity across the Philippines, Australia, Vietnam, Indonesia and India. About 630 MW of that portfolio comes from ACEN’s existing three solar projects in India—Sitara Solar, Paryapt Solar and Masaya Solar—all developed through a partnership with UPC Renewables.

“[ACEN] 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 CEO Martin Hermann said.

ACEN plans to reach 20 GW in renewables capacity by 2030. 

“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,” said ACEN International CEO Patrice Clausse. “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.”

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.

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