Scatec buys Acme unit’s stake
New Delhi: Attracted by India’ green economy, Norway’s Scatec has become an equal partner in Acme Solar Holdings Ltd for setting up a 900 megawatt (MW) solar project in Rajasthan.
This sale from India’s largest pure-play solar platform comes in the backdrop of India’s low solar power tariffs and the global energy landscape’s focus on Environmental, Social and Governance (ESG) investing.
According to a joint announcement by the firms on Thursday, the project will require an investment of around $400 million, with 75% of the debt to be financed by a state-owned lender. The project to be commissioned by 2022 has a 25-year power purchase agreement with state run Solar Energy Corporation of India (SECI).
