Acme partners with Norfound to invest in renewable energy projects
POWER & RENEWABLE ENERGY

Acme partners with Norfound to invest in renewable energy projects

The Norwegian investment fund Norfund and the Indian Acme Group have partnered to invest in the creation of brand-new, greenfield renewable energy projects in India. A framework agreement for co-investment was agreed by both partners.

The Norwegian Government owns the Norwegian Investment Fund for Developing Countries, which largely invests in the clean energy industry. It makes investments in debt and/or stock, always in a lower financial position than its partners. One of India's top developers of renewable energy, ACME Group has projects in 12 States.

Manoj Upadhyay, founder and chairman of Acme Group, said, “Both the partners will invest in potential projects in the renewable sector that would help the country to attain sustainable development and create employment opportunities.”

Mark Davis, executive vice president-Clean Energy, Norfund, stated, “ACME’s proven track record of being able to deliver on large scale renewables makes the company an ideal partner for Norfund in our efforts to contribute to avoiding carbon emission by investing in the energy transition in India.”

Recent equity investments by Norfund of INR 500 crore ($61.3 million) were made in Punjab-based SAEL, which has created biomass power generation as an alternative to stubble burning. It has also acquired a 49% share in a 420 MW DC (300 MW AC) solar facility being constructed in India along with Norwegian pension fund KLP. This solar power facility is being built in Rajasthan's Bikaner District by the Italian company Enel Green Power.

See also:
ACME Cleantech, Karnataka govt inks MoU for green hydrogen plant
ACME Solar develops 300 MW solar project for MSEDCL in Rajasthan


The Norwegian investment fund Norfund and the Indian Acme Group have partnered to invest in the creation of brand-new, greenfield renewable energy projects in India. A framework agreement for co-investment was agreed by both partners. The Norwegian Government owns the Norwegian Investment Fund for Developing Countries, which largely invests in the clean energy industry. It makes investments in debt and/or stock, always in a lower financial position than its partners. One of India's top developers of renewable energy, ACME Group has projects in 12 States. Manoj Upadhyay, founder and chairman of Acme Group, said, “Both the partners will invest in potential projects in the renewable sector that would help the country to attain sustainable development and create employment opportunities.” Mark Davis, executive vice president-Clean Energy, Norfund, stated, “ACME’s proven track record of being able to deliver on large scale renewables makes the company an ideal partner for Norfund in our efforts to contribute to avoiding carbon emission by investing in the energy transition in India.” Recent equity investments by Norfund of INR 500 crore ($61.3 million) were made in Punjab-based SAEL, which has created biomass power generation as an alternative to stubble burning. It has also acquired a 49% share in a 420 MW DC (300 MW AC) solar facility being constructed in India along with Norwegian pension fund KLP. This solar power facility is being built in Rajasthan's Bikaner District by the Italian company Enel Green Power. See also: ACME Cleantech, Karnataka govt inks MoU for green hydrogen plantACME Solar develops 300 MW solar project for MSEDCL in Rajasthan

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code