Corporates EDF and Eren have recorded an exit from India-based renewable energy developer Acme Cleantech Solutions in a Rs 5bn ($73m) investment by conglomerate Piramal Group, LiveMint reported today.
Acme has built out about 600 MW of solar power plants in India. It has another 400 MW of projects in construction and has secured power purchase agreements for a further 500 MW, and aims to have a 1 GW portfolio in operation by the end of the 2016-17 financial year.
Piramal made the investment through its Piramal Enterprises subsidiary’s Structured Finance Group.
The capital will support operations for Acme as well as buying out France-based energy utility EDF and renewable power producer Eren, each of which acquired a 25% stake in the company in 2013.
Nikhil Dhingra, Acme’s director of finance, told LiveMint: “We are bringing all our projects under Acme Solar Holdings. We are evaluating various options, including a public listing of the solar portfolio.
“We might look at an initial public offering sometime in fiscal 2017-18. We are a growing company and hence an IPO will be better suited for us than other routes such as an infrastructure investment trust.”