Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

Scatec Solar Partners With India’s Acme For 900 Megawatt Solar Project

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.

 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
 

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

Written By

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

Comments

You May Also Like

Clean Power

Welcome to another issue of our India x Cleantech series! On a monthly basis, we are pulling news from across clean technology sectors in...

Climate Change

Largely Unregulated Gas Pipelines Huge Source of Methane Pollution The largest source of leaks of the potent greenhouse gas methane may be the spider...

Clean Power

By Laurie Stone This past year saw many memorable moments, from vaccine rollouts to a new Ghostbusters movie to Bernie Sanders’ mittens going viral. But it also...

Clean Power

Lessons from renewable energy growth in China, India, Indonesia, Bangladesh, and Vietnam. Originally published on WRI’s Resource Institute. By Tatsatom Gonçalves and Emily Kaldjian  Nowhere in the world...

Copyright © 2021 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.