Norway’s Scatec buys 50% in Acme’s 900-MW solar project in Rajasthan

Norwegian renewables player Scatec said on Thursday that it has signed an agreement with domestic firm Acme Solar for a 50% stake in the latter’s upcoming 900 mega-watt (MW) power generation assets in Rajasthan. Though the financial details of the deal were not disclosed, Scatec said in a statement that “the project has an estimated total capex of $400 million (around `2,921 crore), with 75% debt financing from an Indian state-owned lender”.

Acme will be the turn-key engineering, procurement and construction provider with scheduled completion in 2022, the statement added. The deal marks Scatec’s foray in India’s renewable energy space and expects the country “to be a key market in the years to come”.