Clifford Chance advises ACEN on partnership with BrightNight to develop renewable energy projects in India

Clifford Chance advised ACEN on partnership with BrightNight to develop renewable energy projects in India

Aims to deploy up to US$250 million equity plus related performance guarantees

Leading international law firm Clifford Chance has advised the Ayala Group’s listed energy platform ACEN Corporation, through ACEN Renewables International Pte. Ltd. and ACEN International on the international aspects of its partnership with and investment in renewable energy producer BrightNight India Limited.

ACEN and BrightNight will develop, construct, and operate a multi-technology renewable power portfolio in India, including over 1.2 GW of BrightNight’s existing hybrid development pipeline. The pipeline includes hybrid wind-solar and energy storage projects operating round-the-clock to provide clean and on-demand energy.

Commenting on the development, Melissa Ng, a partner at Clifford Chance said, “India is seeing the largest increase in energy demand of any country and it is aiming to quadruple its renewable power capacity by 2030. Tackling this challenge requires innovative clean energy solutions, investment and in-depth knowledge of the energy and infrastructure sectors. I congratulate ACEN and BrightNight on this landmark partnership, which will scale and deliver the much-needed renewable energy projects in the world’s third-largest energy market, accelerating India’s energy transition.”

ACEN has over 4,000MW attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 98 percent, the highest in the region. As one of the largest listed renewables platforms in Southeast Asia, ACEN aims to reach 20GW of renewables capacity by 2030.

BrightNight is the first global renewable integrated power company. Working with utility and commercial and industrial customers across the US and Asia Pacific, the company designs, develops and operates safe, reliable, large-scale renewable power projects.

Clifford Chance has advised on major energy and infrastructure M&A transactions in India, including the Partners Group on its US$400 million majority acquisition of renewable energy and decarbonisation platform Sunsure Energy and Adani Green Energy on its US$3.5 billion acquisition of SB Energy’s 5GW renewable power portfolio, the largest acquisition in India’s renewable sector.

The Clifford Chance transaction team was led by partner Melissa Ng and senior associate Matt Wentz. They were supported by trainee Derrick Tan in Singapore, and partner Jeroen Thijssen, counsel Leen Kranenburg, and associate Robin Traas in Amsterdam.

Khaitan & Co LLP acted as the Indian local counsel.