+
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
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code