Global renewable power producer BrightNight has formed a partnership with investor Acen Corporation to accelerate the development, construction, and operation of a 1200MW hybrid wind and solar portfolio in India.
The newly formed partnership aims to deploy US$250m of 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.
In February 2023, BrightNight announced its first 100MW 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 Q1 2024.
The projects will focus to serve the specific demand from high credit rated central and state utility as well as commercial and industrial offtakers.
Across the Asia Pacific, Acen has established a significant presence in its core market, the Philippines, and Australia, Vietnam, Indonesia, and India with 4000MW of attributable renewable capacity.
Acen aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20GW in renewables capacity by 2030.
Acen’s investment will provide for an accelerated buildout of BrightNight’s existing development pipeline of 1200MW hybrid and around the clock projects in India.
BrightNight chief executive Martin Hermann said: “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.
“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 Indian market requires: dispatchable, reliable, and affordable clean power.”
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.