March 4 (Renewables Now) - Indian firm ACME Cleantech Solutions last week signed a deal to offload 600 MW of solar power capacity to UK-based emerging market investor Actis Capital, the Economic Times reported, citing people in the know.
The deal, worth INR 30 billion (USD 410m/EUR 368m), needs to be cleared by regulators. The equity value of the transaction was estimated to be INR 9 billion, according to one of the sources.
Actis beat Canada's Brookfield Asset Management Inc (TSE:BAM.A) for the assets, the sources told the paper. The investor operates in India through its Sprng Energy platform but it will carry out the purchase of Acme's solar assets through its global infrastructure vertical.
The debt-ridden Indian power producer is said to plan to use the funds to finance additional capacity and repay debt to Piramal Finance Ltd.
ACME Cleantech did not comment on the matter, while Actis could not be reached by the paper.
(INR 100.0 = USD 1.367/EUR 1.227)