Acme partners with Norfound to invest in renewable energy projects

30 Jan 2023 CW Team

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.

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