Actis Acquires Acme Solar Assets Worth 600 MW for Rs 3,000 Crores

Actis has announced that it has procured solar energy assets of 600 MW capacity from Acme Cleantech Solutions in a deal worth Rs 3,000 crore, said two people aware of the development. Actis outdid Canadian fund Brookfield to strike a deal with one of the largest solar power producers in India, they said.

The deal, signed, is subject to regulatory approvals, said one of the persons. The equity value of the deal is pegged at Rs 900 crore, he added. Offloading part of its assets will help Acme fund additional capacity and pay off debt. It’s due shortly to repay Piramal Finance, having borrowed Rs 700 crore in 2017.

Acme has a total solar capacity of 5.5 GW, of which 2.9 GW is operational and 2.6 GW is under construction.

Actis will purchase the Acme assets through its global infrastructure vertical, said one of the persons cited above. The fund has been capitalizing in the Indian renewable energy space and has its own platform — Sprng Energy — which has projects with a total capacity of 1.7 GW in India.