Renewable industry and solar in India is making strong waves again with global investors and renewable companies eying on investing in india in the Renewable energy sector. ACME Solar, India’s leading solar IPP has signed partnership agreement with SCATEC for a 900 MWp solar project. The project holds a 25-year PPA with Solar Energy Corporation of India (SECI).
The project has an estimated total CAPEX of approximately USD 400 million, with 75% debt financing from an Indian government owned bank. Acme and SCATEC will be jointly develop world class project using each other experiences in optimizing operations and energy generations.
“We are very happy to have SCATEC as our partner in India and look forward to build a much larger portfolio of RE projects together. This partnership is a testimony of the robust growth potential India offers with a plan to achieve 450 GW of RE power by 2030. With enabling policies, ease of doing business and support by government of India to investors and Renewable companies globally, India is expected be the global hub for investments in RE sector and ACME is in the forefront of bringing in innovation and new technology for solar and Hybrid projects in India. ACME Solar brings value of local expertise, indigenous and cutting edge technology to execute large scale projects at affordable prices”, said Mr Manoj Kumar Upadhyay Founder and Chairman of ACME group.
ACME is a leading integrated solar power producer in India and has a portfolio of c.5.0GWp, out of which 2.3 GWp in operating and 2.7GWp in under construction. The assets are well diversified with presence across 13 states and a central: state mix of 65:35. The company has an asset base of c. USD 2Bn and employs more than 1000 associates across various sites. The company's vision is to be in the top 10 cleantech companies in the world and with an operating capacity of 25 GWp by 2030. ACME has brought several new innovations and adapted latest technologies for best solar plant operations. They hold a leadership stance in productivity, power generation and new technology adaption.
Scatec is a leading renewable power producer, delivering affordable and clean energy worldwide. As a long- term player, SCATEC develops, builds, owns and operates solar, wind and hydro power plants and storage solutions. SCATEC has more than 3.5 GW in operation and under construction on four continents and more than 500 employees. The company is targeting 15 GW capacity in operation or under construction by the end of 2025. SCATEC is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’