Gurugram based Acme is a leading renewable energy player in the country with 5GW of projects across the country
UK based private investor Actis
acquired 400 MW solar power projects
of ACME Solar Holdings ltd. The projects are located in Andhra Pradesh and Madhya Pradesh. Both Acme and Actis
did not disclose the deal size. Market experts estimated the deal value to be close to Rs 2,000 crore.
In a public statement, Actis
said the investment in Indian renewables through Actis Long Life Infrastructure Fund (ALLIF) and Actis Energy Funds. ALLIF’s investment strategy targets large operating renewable assets for the long-term, maximising yield through value creation, the company said.
Actis’ recent investments through its Energy Funds include Ostro Energy which was sold in 2018 in one of the largest renewable energy deals in India and Sprng Energy which currently has 648 MW of operating assets and a further pipeline of 1100 MW which are in various stages of execution.
Sanjiv Aggarwal, Partner (energy and infrastructure), Actis said “India is one of the fastest growing solar markets in the world and the Government’s commitment to increasing renewable energy production continues to create attractive investment opportunities for our ALLIF and Energy funds. We will continue to focus on M&A and PPA auctions in India.”
Gurugram based Acme is a leading renewable energy player in the country with 5GW of projects across the country. Manoj Upadhayay, founder and managing director, Acme said “India has a lot of potential for solar power and Acme is very well poised to tap this potential and create value for utilities and consumers by offering day time power at very low cost. Asset divestment to long term investors like Actis helps unlock equity value and aid our growth plans in India.”