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Acme Solar ropes in Brookfield Renewable for jointly setting up 450 MW project

Acme Solar earlier sold two solar projects totaling 400 MW to Actis Long Life Infrastructure Fund and 100 MW to Petroliam Nasional Bhd owned Amplus. (File Photo: Bloomberg)Premium
Acme Solar earlier sold two solar projects totaling 400 MW to Actis Long Life Infrastructure Fund and 100 MW to Petroliam Nasional Bhd owned Amplus. (File Photo: Bloomberg)

  • The company has been looking at new business opportunities in energy storage, green hydrogen and ammonia. It plans to produce green hydrogen in India and Europe with Lhyfe Labs SAS of France

NEW DELHI: Acme Solar Holdings Ltd has roped in Brookfield Renewable for jointly setting up a 450 megawatt (MW) solar project in Rajasthan, as part of its playbook to sell equity stake in its projects.

“ACME, India's leading solar IPP, today announced closure of a deal with Brookfield Renewable, a global owner and operator of renewable power assets, to build a 450MWp Solar Project in Rajasthan," India’s largest pure-play solar platform said in a statement on Tuesday.

This announcement follows Denmark’s state-owned fund IFU and United Nations Office for Project Services S3i acquiring 39% and 10% stake respectively in Acme Solar’s 250 MW solar project in Rajasthan. Also, Norway’s Scatec has become an equal partner in another 900 MW solar project in Rajasthan that Acme is setting up.

Acme Solar earlier sold two solar projects totaling 400 MW to Actis Long Life Infrastructure Fund and 100 MW to Petroliam Nasional Bhd owned Amplus.

Mint has earlier reported that Acme Solar Holdings was looking to sell 4.84 gigawatt (GW) of solar projects. Acme Solar is the last entirely promoter-owned large green energy platform in India and of its portfolio of 5 GW, 2.3 GW is operational.

“This solar project includes a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL), a wholly-owned subsidiary of the Maharashtra State Electricity Board," the statement added.

Acme Solar, founded in 2003 by Manoj Upadhyay, has been looking at new business opportunities in energy storage, green hydrogen and ammonia. It plans to produce green hydrogen in India and Europe with Lhyfe Labs SAS of France. Acme Solar and Oman’s Tatweer also plan to invest $2.5 billion for green ammonia and green hydrogen production.

“We are glad to jointly develop a 450 MWp solar project in India and look forward to working with Brookfield Renewable in the future as well," Acme Group founder and chairman Manoj Upadhyay said in the statement.

This comes in the backdrop of India’s low solar power tariffs and the global energy landscape’ focus on Environmental, Social and Governance (ESG) investing.

There is a growing investor’s interest in India’s solar generation and equipment manufacturing space. A case in point being Bill Gates’ Breakthrough Energy Ventures-backed 1366 Technologies plans to invest $300 million to set up a 2-gigawatt (GW) solar wafer and cell manufacturing facility in India under the government’s production-linked incentive (PLI) scheme, as reported by Mint on Tuesday.

This comes at a time when one of the largest tranches of Indian clean energy contracts on offer, with developers eyeing projects of at least 9 GW that will be bid out by SECI, Maharashtra State Electricity Distribution Company Ltd (MSEDCL) and Rewa Ultra Mega Solar Ltd. (RUMSL)—a joint venture between SECI and Madhya Pradesh UrjaVikas Nigam Ltd.

India is running the world’s largest clean energy programme to achieve 175 GW of renewable capacity, including 100GW of solar power by 2022. According to the Central Electricity Authority, by 2030, the country’s power requirement would be 817GW, more than half of which would be clean energy, and 280GW would be from solar energy alone.

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