Norway’s Scatec buys 50% stake in Acme Solar’s 900 MW Rajasthan project

Attracted by India’ green economy, Norway’s Scatec has become an equal partner in Acme Solar Holdings Ltd for setting up a 900 megawatt (MW) solar project in Rajasthan.

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

According to a joint announcement by the firms on Thursday, the project will require an investment of around $400 million, with 75% of the debt to be financed by a state-owned lender. The project to be commissioned by 2022 has a 25-year power purchase agreement with state run Solar Energy Corporation of India (SECI).

“Scatec will hold a 50% economic interest in the project, while ACME will retain 50%. ACME will be the turn-key EPC (Engineering, Procurement and Construction) provider for the project,” according to the statement.

Mint earlier reported about Acme Solar Holdings Ltd. looking to sell 4.84 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. Acme Solar earlier sold two solar projects totaling 400MW to Actis Long Life Infrastructure Fund and 100 MW to Petroliam Nasional Bhd owned Amplus.