BrightNight and ACEN Ink Partnership to accelerate multitechnology renewable porfolio

CIOTechOutlook Team | Monday, 13 March 2023, 03:22 IST

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In order to speed up the development, construction, and operation of BrightNight's initial 1.2 GW, multi-technology renewable power portfolio in India, ACEN Corporation, through ACEN Renewables International Pte. Ltd. and ACEN International, Inc. (collectively, "ACEN"), has entered into a partnership with BrightNight. BrightNight is the next generation and global renewable power producer built to deliver clean and dispatchable solutions. The recently established partnership intends to invest USD 250 million in stock along with relevant performance guarantees.
 
With an emphasis on meeting the specific demand from highly rated central and state utilities as well as commercial and industrial offtakers, BrightNight and ACEN will collaborate to develop and implement distinct hybrid wind-solar projects with a calibrated usage of energy storage.
 
To construct and optimise large-scale, multi-technology hybrid renewable power plants, BrightNight provides its advanced India portfolio, an accomplished local team led by Sajay KV and Naveen Khandelwal, and unique skills.
 
With over 4,000 MW of attributable renewable capacity in the Asia Pacific, ACEN has created a substantial foothold in its primary market, the Philippines, as well as Australia, Vietnam, Indonesia, and India. By 2030, ACEN hopes to have 20 GW of renewable energy capacity, making it the largest publicly traded renewables platform in Southeast Asia. BrightNight's existing development pipeline of 1.2 GW hybrid and 24/7 projects in India would be expedited thanks to ACEN's investment.
 
"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."  
 
BrightNight now has the extra funds needed to finance its expansion into India and long-term growth in a rapidly expanding market thanks to ACEN's financing. Additionally, ACEN has a broad network of suppliers and business connections throughout Asia's renewables value chain.
 
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."
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