Actis buys 400 MW of Indian solar projects from Acme

UK investor Actis has acquired a 400-MW portion of Acme Solar Holdings Pvt Ltd’s portfolio of Indian solar power projects.

Through its Actis Long Life Infrastructure Fund (ALLIF), the UK group has taken possession of two photovoltaic (PV) projects in the states of Andhra Pradesh and Madhya Pradesh, it said on Friday. While it did not disclose the value of the deal, consultancy Mercom Capital reported that the acquisition is expected to be valued at around INR 23 billion (USD 307m/EUR 260.4m).

“India is one of the fastest growing solar markets in the world and the Government’s commitment to increasing renewable energy production continues to create attractive investment opportunities for our ALLIF and Energy funds,” said Sanjiv Aggarwal, Partner of Actis, responsible for its energy and infrastructure business in the region. He added that the UK group will continue to pursue more mergers and acquisitions and power purchase agreements (PPAs) awarded through auctions in India.

For Acme, in turn, the deal is a means to unlock equity and support its growth plans on the domestic market, the company explained. The solar power producer has 5.5 GW of assets in its portfolio, including 2.9 GWp of commission capacity and 2.6 GWp under construction.

(INR 10 = USD 0.134/EUR 0.113)

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