BrightNight, a global renewable power producer built to deliver clean and dispatchable solutions, has announced that it has formed a partnership with ACEN Corporation, through ACEN Renewables International Pte. Ltd. and ACEN International, Inc, to accelerate the development, construction, and operation of BrightNight’s initial 1.2 GW, multi-technology renewable power portfolio in India. The newly formed partnership aims to deploy US$ 250 million equity plus related performance guarantees.
BrightNight and ACEN will partner to develop and build differentiated hybrid wind-solar projects, with a calibrated use of energy storage, that operate around the clock, with a focus to serve the specific demand from high credit rated central and state utility as well as commercial and industrial offtakers.
BrightNight brings its advanced India portfolio, and differentiated capabilities to develop and optimise large scale, multi-technology hybrid renewable power plants.
Across the Asia Pacific, ACEN has established a significant presence in its core markets and India with ~4,000 MW of attributable renewable capacity. ACEN aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW in renewables capacity by 2030. ACEN’s investment will provide for an accelerated buildout of BrightNight’s existing development pipeline of 1.2 GW hybrid and around the clock projects in India.
ACEN is among the largest and most respected renewables investors in Asia Pacific, and BrightNigh is honoured to work with them. They have demonstrated success in scaling and operating large fleets of renewable assets through strategic partnerships across the region, and also have a shared vision on delivering what the India market requires: dispatchable, reliable, and affordable clean power, expresses Martin Hermann, BrightNight CEO.
ACEN’s investment provides BrightNight with the additional resources to fund its India build-out and long-term growth in a fast-growing market. In addition, ACEN has a deep network of suppliers and industry relationships across the renewables value chain in Asia.
For Patrice Clausse, ACEN International CEO, this partnership is significantly strengthening the ACEN’s foothold in India’s fast-growing market as it shifts from pure solar play to multi-technology renewables. He looks forward to working with BrightNight’s highly experienced local team as the combined expertise will help India progress towards their energy transition goal and spur the global transition towards a net zero economy.
BrightNight and its India presence
BrightNight is developing a global portfolio of 23 GW across the US and Asia Pacific, including India, Australia, the Philippines, and Bangladesh, and is backed by some of the most respected investors in the global energy sector. The company works with its customers globally to design, develop, and operate safe, reliable, large-scale renewable power projects optimised to better manage the intermittent nature of renewable energy.
In India, the BrightNight team is led by industry veterans Sajay KV and Naveen Khandelwal, and they are currently developing a 1.2 GW differentiated wind-solar hybrid portfolio. In February 2023, BrightNight announced its first 100 MW co-located, wind-solar hybrid renewable power project in Maharashtra that will deliver clean, high-capacity factor power to C&I customers in this State with a target commissioning date in 1Q 2024.
With ACEN’s partnership, BrightNight has the resources to significantly accelerate the India development programme, describes BrightNight’s Managing Director of Asia Jerome Ortiz. They have a strong presence in the country, a differentiated portfolio, and an experienced team, so they are now positioned to scale-up and contribute to delivering hybrid and around the clock renewable solutions to India. The combination of ACEN and BrightNight will be a winning player in India’s next phase of energy transition.