Acme, founded in 2003 by Manoj Kumar Upadhyay, is one of the largest solar IPPs in India, with a diversified portfolio of 5GW spread across multiple states and a mix of central and state utilities.
Mumbai (Natural Energy News): Malaysia's state-run oil and gas company, Petrolam National Bhid (Petronas), has acquired about 100 MW of solar assets owned by Acme Solar, two people reported on the development. The property located in Karnataka was acquired at an enterprise value of Rs 800 crore.
Petronas has acquired the assets through its Indian unit - Mplus Energy Solutions.
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Last month, UK-based fund Actis closed its acquisition of 400 MW of assets from Acme.
With the sale of 100 MW of assets, Acme has raised around Rs 300 crore this year through asset sales.
At first reported in May on Acme's proposed deal with Petronas.
Acme, founded in 2003 by Manoj Kumar Upadhyay, is one of the largest solar IPPs in India, with a diversified portfolio of 5GW spread across multiple states and a mix of central and state utilities.
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Mplus Energy Solutions, the leading rooftop solar power producer, was acquired by Petronas last year from New York-based investor I Squared Capital.
Mplus Solar, which provides clean energy to its customers by installing on-site solar projects (rooftop and ground-mounted) and off-site solar farms, owns and manages a portfolio of 650 MW operational and under construction solar assets is. India.
Mplus has about 180 commercial and industrial customers including Yamaha, Cisco, Reckitt Benckiser, Shalumber, Carlsberg, ABB, TVS and government institutions such as Indian Railways, Delhi Metro, CPWD and HAL.
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Sanjeev Aggarwal- While a mail sent to the founder and CEO Ekme spokesperson declined to comment, Mplus did not respond.
In the last five years, the overall renewable capacity in India has increased from 32GW to 84GW powered by solar and wind. Energy demand is set to increase by 6-7% per year.
As of 31 March 2020, 35.86% of India's installed power generation capacity is from renewable sources, generating 21.22% of the total utility electricity in the country.
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India has a target of having 450 GW of renewable energy by 2030.
Meanwhile, India Ratings & Research has revised its outlook for energy infrastructure companies to negative from stable for FY11, as the COVID-19-driven lockdown affected the liquidity levels across all companies in the power sector value chain Is likely to happen.
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