ACME’s $2.7 billion India solar push seeks to draw foreign cash

India’s ACME Solar Holdings Pvt. is seeking partners to help fund a plan to more than triple its solar generation capacity.

The company, which in 2018 aborted a public listing because of stock market turbulence and uncertainty over the nation’s energy policy, plans to expand its solar capacity to 10 gigawatts over the next five years at a cost of 200 billion rupees ($2.7 billion), the company’s founder and chairman Manoj K. Upadhyay said in an interview.

“It’s a capital intensive business, so we will try to have as many partners as we can,” Upadhyay said. “This will help us unlock capital for our new projects and prove what we’re building has value.”

The firm is counting on India’s growing appeal as a renewable power market, with the world’s third-biggest emitter seeking to roll out a record amount of solar and wind over the next decade and move away from fossil fuels.

It is seeking to raise about a quarter of the total investment by tapping global investors from private equity firms to pension funds and oil giants that are pouring billions of dollars into the nation’s renewable companies.

ET Energy World
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