Connect with us

Hi, what are you looking for?


Green Economy

India’s Acme Solar Halves IPO Size To Around $230 Million

One of India’s leading solar power project developers, Acme Solar, has significantly reduced the size of its Initial Public Offering.

One of India’s leading solar power project developers, Acme Solar, has significantly reduced the size of its Initial Public Offering.

Indian business dailies reported that Acme Solar now plans to raise 1,000-1,500 crore ($151-226 million) through sale of equity at Indian bourses. The company had initially planned to raise around 2,200 crore ($332 million). The company is believed to have filed the draft red herring prospectus several months back but hadn’t taken any concrete action thereafter to actually offer shares in the open market. 

Acme Solar had planned to use the IPO proceeds to fund a 200 megawatt solar power project in the western state of Rajasthan. The company secured the project at the lowest solar power tariff ever in India — 2.43/kWh (3.67¢/kWh). However, the company is now well past the deadline for financial closure of the 200 megawatt (AC) project.

According to company sources speaking to media outlets, Acme managed to achieve financial closure for the project through internal company accruals, cost cutting, and promoter equity. Hence, the company has now reduced the amount of funds it plans to raise from the IPO.

Acme Solar has been a leader in driving solar power tariffs to the current lows. The company is also developing a 250 megawatt (AC) project at Rewa solar power park in the state of Madhya Pradesh. The project was the first in India to have witnessed bids of less than 3.00/kWh (4.5¢/kWh).

Acme claims an existing portfolio of 1.8 gigawatts spread across India. The company had planned to set up 7.5 gigawatts of renewable energy capacity by 2019.

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Electrifying Industrial Heat for Steel, Cement, & More

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Written By

An avid follower of latest developments in the Indian renewable energy sector.


You May Also Like


BYD has partnered with New Delhi based EV cab service Evera. BYD will deliver 100 e6 station wagon EVs. Evera provides app-based cab services...

Clean Power

One of India’s largest renewable energy companies, Tata Power Renewable Energy, has entered into a power purchase agreement for a solar-wind hybrid project.  The...

Clean Power

Indian solar module manufacturer Insolation Solar has secured funding from a World Bank-backed fund for expansion of its production line.  The funding was released...


We've already manufactured an awful lot of steel. There are hundreds of billions of tons of the stuff lying around, much of it obsolete.

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.