ACME Solar enters deal with Brookfield Renewable for solar project

23 Jun 2021 CW Team

ACME Solar Holdings Ltd roped in Brookfield Renewable for setting up a joint solar project of 450 MW in Rajasthan to sell its equity stakes in the project.

ACME is India's leading solar IIP. On Tuesday, it announced the closure of the deal with Brookfield Renewable to build a 450 MW solar project in Rajasthan, India's largest pure-play solar platform, said in a statement.

State-owned fund of Denmark—IFU and UN office for project services S3i acquired 39% and 10% stake respectively, in ACME's 250 MW solar project in Rajasthan. Norway's Scatec is also an equal partner in another 900 MW ACME solar project in Rajasthan. It had earlier sold two solar projects, one of 400 MW to Actis Long Life Infrastructure Fund and a 100 MW solar project to Petroliam Nasional Bhd owned Amplus.

According to a statement by Maharashtra State Electricity Board, the solar project includes a 25 years power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL).

ACME Solar is seeking new opportunities in the energy storage, green hydrogen, and ammonia sector. ACME plans to produce green hydrogen in India and Europe with the Lhyfe Labs SAS in France. Oman's Tatweer and ACME Solar plans to invest $2.5 billion in the production of green hydrogen and ammonia.

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Also read: Tata Motors, Tata Power inaugurate largest solar carport in India

Also read: India’s open access solar installations in Q1 2021 at 419 MW

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