BrightNight and ACEN to co-develop 1.2 GW hybrid renewable energy portfolio in India
BrightNight has announced a partnership with ACEN Corporation to expedite the construction, development, and operation of a 1.2 GW hybrid renewable power portfolio in India.
The portfolio will consists of wind and 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.
The partnership seeks to deploy US$250 million in equity along with performance guarantees for the development of the hybrid portfolio. For this transaction, HSBC served as the financial advisor. The international legal advisors were King & Spalding LLP and Clifford Chance LLP whereas Cyril Amarchand Mangaldas and Khaitan & Co LLP acted as Indian legal advisors; and EY and GT acted as global tax advisors.
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