India’s Acme Sells Stake In 250-Megawatt Solar Power Project To Foreign Investors

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According to media reports, Acme Cleantech has sold 49% stake in a 250-megawatt solar power project currently under development in the state of Rajasthan. Denmark’s IFU has acquired 39% on behalf of the Danish SGD Investment Fund while the United Nations’ Sustainable Infrastructure Impact Investments (S3i) has acquired 10% stake in the project.

News of the transaction comes just days after Acme announced a plan to sell 50% equity stake in 900 megawatts of solar power capacity also under development in Rajasthan to Norwegian developer Scatec Solar. Acme had also sold a 400-megawatt project to Actis Long Life Infrastructure Fund and a 100-megawatt project to competitor Amplus Solar.

Deals and transactions in India’s renewable energy market have shot up significantly over the last few months.

Most developers have been looking to raise funds to develop new projects, while some have fully exited the market. SoftBank-based SB Energy has reportedly decided to sell its entire 4.9-gigawatt solar and wind portfolio to competitor Adani Green Energy.

Developers Hero Future Energies and Sterling & Wilson also sold a total of 375 megawatts of capacity to Adani Green Energy. Some developers have been looking to raise funds from capital markets. ReNew Power will be listed at Nasdaq through a Special Purpose Acquisition Company (SPAC), while another company, Mytrah Energy, is also exploring a similar route for listing.

Tata Power was reported to have been planning to list a yieldco of its renewable power projects. French utility Total earlier this year acquired a 20% equity stake in Adani Green Energy and a 50% stake in a yieldco of its solar power projects. Greenko Energy Holdings continued to raise debt through green bonds this year.

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