Japanese banks back ACEN wind venture in India

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March 26, 2026 | 12:00am

MANILA, Philippines — ACEN Corp. of the Zobel family has secured P4.78 billion (7.52 billion rupees) in financing from two Japanese banks to partially fund its large-scale wind project in India.

ACEN, through Diyos Renewables India Project Pte. Ltd., tapped the term loan from Tokyo-based Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp.

The financing facility will support the development of the 100-megawatt (MW) Bijapur Wind project in Karnataka, India.

Targeted for commissioning next year, the project will supply clean energy under a power purchase agreement with SJVN Ltd., a state-owned company attached to India’s Ministry of Power.

“Securing this project finance facility underscores the strong confidence of global financial institutions in ACEN’s renewable energy (RE) platform and our disciplined approach to developing high-quality projects,” ACEN Group chief investment officer Patrice Clausse said.

Clausse, who also serves as president and CEO of ACEN International, said the wind project reinforces the group’s growing presence in India and supports the country’s energy transition push.

Upon completion, Bijapur Wind is projected to generate around 330 million kilowatt-hours of clean power and displace about 300,000 tons of carbon emissions annually.

This aligns with India’s bold target of achieving 500 gigawatts (GW) of RE capacity by 2030.

“This financing supports the continued buildout of our (RE) portfolio in India, a key market for ACEN’s long-term growth,” said Alok Nigam, CEO of ACEN’s India platform.

“The Bijapur Wind project reflects our focus on delivering scalable, high-quality projects that contribute to India’s clean energy transition while creating sustained value on the ground,” Nigam added.

Just last month, ACEN took full control of its India expansion after buying out Singapore-based UPC Renewables’ 50-percent stake in their joint venture.

This gave ACEN full ownership of over one GW of portfolio in India, including three RE projects under construction and in advanced development in Rajasthan and Karnataka.

India ranked as the most attractive emerging market for renewable power investments in 2024, followed by the Philippines, according to a Bloomberg report.