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India’s Acme Solar Eyes $335 Million Through IPO

One of India’s leading solar power developers in the private sector is planning to list itself on the Indian bourses. Acme Solar Holdings is looking to raise Rs 2,200 crore ($335 million) through its initial public offering.

One of India’s leading solar power developers in the private sector is planning to list itself on the Indian bourses. Acme Solar Holdings is looking to raise Rs 2,200 crore ($335 million) through its initial public offering.

Acme Solar has been aggressively bidding in the recent solar power auctions and is currently in the process of setting up India’s lowest-priced solar power project ever. The company secured rights to develop a 200 megawatt solar power project in the Rajasthan-based Bhadla solar power park at a record tariff of Rs 2.44/kWh (3.7¢/kWh) earlier this year.

Funds raised from the IPO will be used for setting up this 200 megawatt project. This seems to be a very smart move on the part of the company, as raising debt with such a low tariff would have been a major challenge even when the off-taker is a government entity like NTPC Limited. The exercise of listing the company will unlock greater value thus increasing confidence among prospective lenders.

Acme Solar Holdings will perhaps be the largest pure renewable energy developer to be listed at the Indian bourses. Ujaas Energy is another developer listed at the Bombay Stock Exchange and National Stock Exchange but its size is much smaller compared to Acme’s. Orient Green Power Company has a diverse portfolio of wind and biomass power projects but its market capitalization is much lower at less than Rs 650 crore ($100 million). Suzlon Energy has its core business as wind energy equipment manufacturing but owns perhaps the largest wind energy capacity in India. Its market capitalization is over Rs 8,000 crore ($1.2 billion).

Azure Power, another major solar IPP operational in India, was listed at the New York Stock Exchange in 2016. The company has a market capitalization of close to $400 million.

Acme Solar has an existing portfolio of 1.8 gigawatts (operational plus under-construction plants) and plans to increase this capacity to 7.5 gigawatts by 2019.

Another renewable energy IPP, active in wind as well as solar power, ReNew Power Ventures has been working on its IPO for several months now. The Goldman Sachs-backed company plans to raise $150 million.

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