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

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.