UK-based private equity investor Actis has completed the acquisition of two PV projects in India totaling 400 MW from Haryana-based Acme Solar.
The projects—located in Andhra Pradesh and Madhya Pradesh—were acquired through energy investment fund Actis Long Life Infrastructure Fund (ALLIF).
ALLIF targets investing in large operating renewable assets for the long-term, maximizing yield through value creation.
Actis’ recent renewable energy investments in India include Ostro Energy, which was sold in 2018 in one of the largest renewable energy deals in India, and Sprng Energy, which currently has 648 MW of operating assets and a further pipeline of 1100 MW.
Commenting on the deal, Sanjiv Aggarwal, Partner of Actis responsible for its energy and infrastructure business in the region, said, “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. We will continue to focus on M&A and PPA auctions in India.”
Manoj Kumar Upadhyay, Acme founder and chairman, added, “India has a lot of potential for solar power and Acme is very well poised to tap this potential and create value for utilities and consumers by offering day-time power at very low cost. Asset divestment to long-term investors like Actis helps unlock equity value and aid our growth plans in India.”
Acme is one of India’s largest independent solar power producers with a well-diversified portfolio of 5.5 GW (2.9 GWp operational and 2.6 GWp under construction) spread across multiple states and with a healthy mix of central and state utilities.
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