ACEN CORPORATIONACEN

ACEN consolidates India platform with 100% ownership

• ACEN consolidates India renewables JV with UPC
• Full ownership of 1,059 MWdc portfolio and nearly 7 GW development pipeline
• Reinforces ACEN’s long-term commitment to India’s clean energy transition

04 February 2026 — ACEN, through its subsidiary ACEN Renewables International Pte. Ltd. (ACRI), has consolidated its joint venture with UPC Renewables in India, making the development platform 100% owned by ACEN. This acquisition gives ACEN control of a fast-growing and diversified renewables portfolio in one of the world’s most attractive clean energy markets.

Following the acquisition, ACEN now fully owns a 1,059 MWdc (819 MWac) diversified portfolio, comprising three renewable projects under construction and advanced development in Rajasthan and Karnataka, alongside a pipeline of nearly 7 GW of renewable energy projects across India.

This strategic move strengthens ACEN’s presence in India and supports its broader ambition to scale renewables across key growth markets in Asia-Pacific.

Patrice Clausse, Group Chief Investments Officer and President and CEO, ACEN International, said: “India is a core market for ACEN’s international growth, and this transaction reflects our long-term confidence in the country’s renewable energy sector. With full ownership of this platform, we are well positioned to accelerate development, optimize our portfolio, and continue delivering clean, reliable power at scale. India’s strong policy support, maturing market structures, and growing demand for renewables provide a solid foundation for sustainable growth.”

India: A growth market for ACEN

ACEN remains positive on India as a long-term renewables market, underpinned by strong fundamentals and a supportive policy environment. The country has set a target of 500 GW of renewable energy capacity by 2030, backed by approximately 50 GW of annual capacity tenders from government-owned intermediaries such as SECI, SJVN, NHPC and NTPC. These tenders enable developers to secure 25-year offtake contracts that are effectively supported by the Government of India.

India’s regulatory framework is well established and predictable, with strong rule of law and effective mechanisms for redress and compensation in case of changes in regulation. The country’s growing domestic manufacturing base for key equipment, including solar cells and wind turbine components, is strengthening supply chain resilience and reducing exposure to global volatility. Combined with an increasingly mature banking sector that can provide long-tenor project financing, India offers a compelling environment for both growth and capital recycling.

A long-standing partnership

UPC Renewables has been a long-time partner of ACEN, having collaborated on projects across the Philippines, Indonesia, Vietnam and Australia, in addition to India. The transaction builds on this partnership and reflects the successful development of the India platform over the years.

Alok Nigam, CEO of UPC Renewables India, said: “We are proud of what we have built with ACEN and UPC in India and across the region. This platform is the result of years of close collaboration and shared commitment to developing high-quality renewable energy projects. As ACEN takes full ownership, I am looking forward to continue growing this portfolio and make a meaningful contribution to India’s clean energy transition.”

About ACEN

ACEN (PSE:ACEN), the Ayala group’s listed energy platform, is one of the fastest-growing renewable energy platforms in Asia Pacific, with the Philippines as its core and largest market. It also has a significant presence in Australia, Vietnam, India, and Lao PDR, along with strategic investments in Indonesia and other markets. The company currently has ~7 GW of attributable renewable energy capacity spanning operational, under-construction, and committed projects.

As a developer, builder, and operator, ACEN leverages its agility and collaborative approach to accelerate the energy transition. The company has 100% renewable energy generation and aims to reach Net Zero greenhouse gas emissions by 2050—turning bold ambitions into real impact for businesses, communities, and indigenous groups.
www.acenrenewables.com

For inquiries and more information, please contact:
Irene Maranan
Head – Corporate Communications and Sustainability
Email: [email protected]

DISCLAIMER: This disclosure may contain forward-looking statements that are subject to risk factors and opportunities that may affect ACEN’s plans to complete the transaction/s subject of this disclosure. Each forward-looking statement is made only as of the date of this disclosure. Outcomes of the subject transaction may differ materially from those expressed in the forward-looking statements included in this disclosure.