One of India’s leading solar power project developers has partnered with Norwegian renewable energy company Scatec Solar to development of a large solar power project.
According to media reports, Scatec Solar has agreed to acquire a 50% equity stake in a 900-megawatt solar power project that Acme Cleantech is developing in the state of Rajasthan. The project was awarded to Acme in a 2018 auction conducted by the Solar Energy Corporation of India (SECI). Acme had quoted a record-low bid of Rs 2.44 (¢3.29) per kilowatt-hour.
Acme will be responsible for the development of the project with Scatec Solar likely to provide input on international best practices. Acme will also be responsible to secure debt for the project which would account for 75% of the project cost.
Interestingly, Acme had earlier sought for cancellation of this project citing execution delay and difficulties due to the COVID pandemic.
Acme has been looking to raise funds for some years now. It had planned to raise funds from the capital market through an IPO. However, the plans never materialized and are believed to have been abandoned now. There were media reports that Acme would sell equity interest to government-owned gas utility GAIL India. However, the purported transaction never gained traction and remained a market rumor.
Acme has a portfolio of 5.5 gigawatts, including 2.9 gigawatts of operational capacity.