New Delhi, June 27 -- The joint venture between the Philippines' Ayala Corporation-owned ACEN and UPC Renewables plans to sell a significant stake in its upcoming 1 gigawatt projects in India in a deal potentially valued at an enterprise value of around $600 million, said two people aware of the development.

The transaction involves offloading up to 74% stake in three utility-scale renewable energy projects in India, the people said on the condition of anonymity. EY is running the sale process for the deal with an equity value of around $200 million, they said.

"The next stage involves signing of non-disclosure agreements, sharing of financial model and information memorandum, followed by management discussions and submission of non-bin...