ACME SOLAR HOLDINGS
Acme Solar Refiles IPO Papers with Sebi to Raise Up to ₹3,000 crore
Acme Solar Holdings files IPO prospectus to raise funds, targeting revenue from operations and profit after tax. The company plans to utilize proceeds for outstanding borrowings and general corporate purposes, with Nuvama Wealth Management involved. Acme Solar's portfolio includes firm and dispatchable renewable energy projects, serving off-takers like central government-backed entities, along with wind energy projects.
Renewable energy firm ACME Solar Holdings files papers for Rs 3,000-crore IPO
The Gurugram-based company's proposed IPO is a combination of fresh issue of shares worth Rs 2,000 crore and an offer for sale (OFS) of shares valued Rs 1,000 crore by ACME Cleantech Solutions, according to the DRHP. The offer also includes a reservation for a subscription by eligible employees. The company may consider issue of securities to the tune of up to Rs 400 crore as a "pre-IPO placement". If such placement is completed, the fresh issue size will be reduced.
Greenko Zero C to supply 500,000 tonnes of green ammonia to Norway's Yara Clean Ammonia
Deliveries to start from Kakinada from Q4 of CY26, Industry sources say contract size expected to be $1.5-$1.8 bn over 10 years. 5GW of renewable power and pump storage in Andhra Pradesh to back production
Essar Power's renewables division appoints Ankur Kumar as CEO
Ankur Kumar, CEO of Essar Power renewables, leads the transition to green energy in India. With vast experience, he collaborates to drive Essar's sustainable future by building a strong portfolio and onboarding talents.
ACME looks to sell 35% stake to raise Rs 3,000 crore
ACME, established in 2003 by Manoj Kumar Upadhyay, is the largest solar independent power producer in India with a diversified portfolio of 5.5 GW spread across 12 states and with a mix of central and state utilities. Its portfolio of operational solar power projects has grown to 2.9 GW from 15 MW in 2011. The rest of the 2.6 GW is under different phases of development.
Supreme Court probes Centre's response over Acme Solar's 1200 MW project & transmission line dispute
The Supreme Court has summoned the Centre over Acme Solar Holdings' plea for ratification of its 1200 MW solar projects and 400 kV overhead transmission line. The request challenges a committee's decision, disputing the feasibility of laying underground lines in Rajasthan due to habitat concerns for the Great Indian Bustard. Acme argues the project was planned before the court's 2021 order. The dispute obstructs power generation. The Court directed the Centre, MNRE, MoP, and SECI to respond to Acme's petition.
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Global corporate funding in solar sector nearly doubles to $27.8 bn in 2021: Mercom Capital
The global solar sector has witnessed total corporate funding of USD 27.8 billion in 2021, the highest in the last 10 years, according to Mercom Capital Group. Corporate funding includes venture capital and private equity (VC), debt financing, and public market financing.
ACME Group partners KBR Tech for green ammonia project in Oman
In March 2021, ACME Group and the Oman Company for the Development of the Special Economic Zone at Duqm had signed a memorandum of understanding to set up a large-scale facility to produce green hydrogen and green ammonia.
ACME Group signs land deal for green ammonia project in Oman
The agreement was signed with The Public Authority for Special Economic Zones and Free Zones, a Government authority of Oman, an official statement said.
ACME’s $2.7 billion India solar push seeks to draw foreign cash
ACME has previously locked in investment deals with Brookfield Renewable Partners LP for a 450-megawatt project and with Norway’s Scatec ASA for a 900-megawatt plant. It will fund about three-quarters of the latest expansion plan through loans and sell stakes or some projects outright for the remainder.
ACME Solar raises $334 million through green bonds
The bonds will be issued by an offshore company and proceeds of the bonds will be used for subscription of non-convertible debentures issued by ACME’s projects, an official statement said.
Foreign investors keen on funding Indian renewable projects: Scatec
Scatec recently bought into 50% of a 900 MW project by Acme Solar in Rajasthan, scheduled for completion in 2022. Although financial details of the investment were not released, ET has understood that Scatec invested $50 million for the deal.
Norwegian firm Scatec joins hands with ACME for 900 MW power plant
The project has an estimated total capex of $400 million, with 75% debt financing from an Indian state-owned lender. Scatec will hold a 50% economic interest in the project, while ACME will retain 50%.
Acme Solar scouts for buyer to sell 1200-MW power purchase agreements (PPAs)
Lack of liquidity and delay in commissioning projects are forcing many of the clean energy producers to sell or surrender PPAs signed with Solar Energy Corporation of India Ltd (SECI).
GAIL in talks to buy stake in ACME Solar Holdings
The state-owned company formerly known as Gas Authority of India is said to be carrying out due diligence on solar power plants owned by ACME Solar. It is yet to discuss financial terms with ACME’s shareholders. The state-run player could pick up anywhere between 49-74% stake in ACME Solar holdings if discussions progress towards a deal, according to the sources.
AP HC stays state's order to renegotiate renewable energy contracts
The order has been stayed for four weeks and the next date for hearing has been fixed at August 22, a source said.
NTPC, SECI threaten legal action against Andhra
The two central government companies have also declined to attend the meeting for renegotiating of tariffs with the state.
600MW project no longer feasible: Acme solar to NTPC
Acme had won the project in an auction conducted by NTPC last August where it quoted a tariff of Rs 2.59 per unit.
India's solar capacity at 28 GW at Dec-end: Bridge To India report
The quarterly market report, titled 'India Solar Compass Q4 2018', gives a detailed analysis of capacity addition.
Acme solar mulls putting 650 MW of capacity up for sale
Acme is planning to raise around `3,000 crore through an infrastructure investment trust as it needs funds to set up over 2,500 MW capacity in a little over two years, industry executives said.
Orissa High Court stays safeguard duty on imported solar panels
“There are serious errors in the DGTR judgment. Its main argument that excessive imports are causing major injury to the domestic industry is not correct,” said a source close to the development.
Solar tariffs rise in Gujarat reverse auction
In the last solar auction held by GUVNL in September 2017, also for 500 MW, winning tariffs had varied between Rs 2.65 and Rs 2.67 per unit.
ACME Solar Holdings, HG Infra get Sebi's nod for IPO
Together, these companies are expected to garner Rs 2,700 crore through initial share-sales.
ACME Solar files IPO papers with Sebi to raise Rs 2,200 crore
The equity shares are proposed to be listed on BSE and National Stock Exchange (NSE).
Piramal extends Rs 700 crore credit line to solar energy
“The deal was made through Corporate Finance Group (“CFG”) of Piramal Finance by introducing a new product - a Flexi Line of Credit - for the renewable energy sector.”
ACME Group looking to raise capital through InvIT
This would be the first time a renewable energy company would come to the market to raise capital.
EDF Energies Nouvelles, EREN Renewable Energy may exit Acme Solar
“EDF and EREN are parting ways with Acme,” a person aware of the development said. “Maybe the foreign players had a different set of expectations from Acme,” the person told ET.
Low radiation pushes up tariffs in Jharkhand solar project auction
The projects are awarded via auction where the bidder offering to sell power at the lowest price wins.
ACME Solar commissions 150 MW plants in Odisha, Rajasthan
ACME Solar has commissioned solar plants totalling 150 MW in Rajasthan and Odisha under Jawaharlal Nehru National Solar Mission.
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