Courtesy-ACME SOLAR
As part of the playbook to sell an equity stake in its project, for jointly setting up a 450 megawatt (MW) solar project in Rajasthan, Acme Solar Holdings Limited has roped in Brookfield Renewable.
In a statement on Tuesday, India’s largest pure-play solar platform Acme announced the closure of a deal with Brookfield Renewable which is one of the global owner and operators of renewable power assets, to build a 450-megawatt solar project in Rajasthan.
Two solar projects totalling 400 MW to Actis Long Life Infrastructure Fund and 100 MW to petroliam Nasional Bhd owned Amplus were earlier sold by Acme Solar.
Acme Solar Holding was looking forward to selling its 4.84 gigawatts (GW) of the solar project, as reported earlier by the Mint. With its portfolio of 5GW, 2.3 GW being operational, Acme Solar is the only last entirely promoter-owned large green energy platform in India.
The statement added that a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL) is included in the solar project.
Looking at new business opportunities in energy storage, green hydrogen and ammonia, Acme Solar was founded in 2003 by Manoj Upadhyay. An investment of $2.5 billion for green ammonia and green hydrogen production is also planned by Acme Solar and Oman’s Tatweer. The company also plans to produce green hydrogen in India and Europe with Life Labs SAS of France.