Denmark’s state-owned fund IFU and United Nations Office for Project Services’ S3i have acquired 39% and 10% stake respectively in Acme Solar Holdings Ltd’s 250 megawatt (MW) solar project in Rajasthan, the companies announced on Thursday.
Acme Solar holds the majority 51% stake in the project, which has a total investment requirement of euro 150 million and was awarded by state-run Solar Energy Corporation of India Ltd (SECI).
This equity stake dilution at the project level by Acme follows Norway’ Scatec becoming an equal partner in a 900 MW solar project in Rajasthan, that Acme is setting up. Acme Solar earlier sold two solar projects totaling 400MW to Actis Long Life Infrastructure Fund and 100 MW to Petroliam Nasional Bhd owned Amplus.
Mint earlier reported about Acme Solar Holdings Ltd. looking to sell 4.84 gigawatt (GW) of solar projects.
“ACME has signed a landmark shareholders’ agreement with UNOPS S3i and IFU for developing a 250-megawatt solar power plant located in the Rajasthan State of India,” the companies said in a joint statement on Thursday.
This stake sale from India’s largest pure-play solar platform comes in the backdrop of India’s low solar power tariffs and the global energy landscape’s focus on Environmental, Social and Governance (ESG) investing.