BrightNight, a US-based provider of renewable energy, has joined forces with ACEN to accelerate the development of 1.2 GW renewable energy portfolio in India. The companies will collaborate to develop hybrid wind-solar projects with energy storage facilities for central and state power utilities. Additionally, these initiatives would provide electricity to industrial and commercial customers.
The partners intend to invest $250 million in equity and provide related performance guarantees. BrightNight will provide distinct capabilities for the development and optimisation of large-scale, hybrid renewable power plants. BrightNight is actively constructing 23GW of renewable energy capacity across the US and APAC region. The company is headquartered in Inlet Beach, Florida, and it has financial support from investors in the global energy sector.
ACEN has 4GW of attributed renewable capacity spread across the Philippines, Australia, Vietnam, Indonesia, and India. The company seeks to convert its entire generation portfolio to renewable energy by 2025 and construct 20 GW of renewable energy capacity by 2030. In April 2022, ACEN and ib vogt agreed to enter into a joint venture (JV) to fund the construction and operation of nearly 1 GW of solar power facilities across the Asia-Pacific region.
REGlobal’s Views: As India targets 500 GW of clean energy by 2030, it has become an attractive investment hotspot for investors and developers from all over the world. With launch of successful tenders for wind-solar hybrids and storage systems, as well as an expanding corporate PPA market, there is a massive opportunity for foreign players in the country.