ACME seeks to tap global investors for its $2.7-bn India solar push

India’s ACME Solar Holdings Pvt. is seeking partners to help fund a plan to more than triple its solar generation capacity.

The company, which in 2018 aborted a public listing because of stock market turbulence and uncertainty over the nation’s energy policy, plans to expand its solar capacity to 10 gigawatts over the next five years at a cost of Rs 20,000 crore ($2.7 billion), the company’s founder and chairman Manoj K. Upadhyay said in an interview.

ACME currently has 2.9 gigawatts of operating capacity with a further 2 gigawatts already funded and nearing completion, he said.

“It’s a capital intensive business, so we will try to have as many partners as we can,” Upadhyay said. “This will help us unlock capital for our new projects and prove what we’re building has value.”