+
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

Next Story
Infrastructure Urban

India to Invest Rs 600 Billion to Upgrade 1,000 ITIs

As part of its drive to modernise vocational training, the Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Gujarat’s Labour and Employment Department, held a State-Level Workshop at the NAMTECH Campus within IIT-Gandhinagar to discuss the National Scheme for ITI Upgradation.The consultation brought together key stakeholders from industry and the training ecosystem to align expectations and support implementation of the scheme, which aims to transform 1,000 Industrial Training Institutes (ITIs) across India using a hub-and-spoke model. The total outlay stands ..

Next Story
Infrastructure Urban

India Unveils Rs 600 Billion Maritime Finance Push

The Ministry of Ports, Shipping & Waterways (MoPSW) hosted the Maritime Financing Summit 2025 in New Delhi, bringing together over 250 stakeholders including policymakers, industry leaders, global investors, and financial institutions. The summit, held under the ambit of Maritime Amrit Kaal Vision (MAKV) 2047, focused on transforming India into a leading maritime power with strengthened financial, infrastructural, and technological capabilities.Union Minister Sarbananda Sonowal emphasised India's strategic progress, noting that average port turnaround times have dropped from four days to u..

Next Story
Infrastructure Urban

Govt Allocates Rs 500 Million To Boost Community Radio

The Central Government, through its ‘Supporting Community Radio Movement in India’ scheme, has allocated Rs 500 million to strengthen the community radio ecosystem across the country. The initiative aims to assist both newly established and long-operational Community Radio Stations (CRSs), ensuring their relevance to local educational, social, cultural, and developmental needs.According to the policy published by the Ministry of Information and Broadcasting, CRSs may be set up by not-for-profit organisations with at least three years of demonstrated community service. These stations are ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?