Emerging markets investor Actis has completed the acquisition of two solar projects with an aggregate capacity of 400 MW from Acme Solar Holdings located in the states of Andhra Pradesh and Madhya Pradesh.
The UK-based investor has bought ACME’s solar assets through its Actis Long Life Infrastructure Fund (ALLIF).
ALLIFs investment strategy targets large operating renewable assets for the long-term, maximising yield through value creation. In India, Actis invests through ALLIF and Actis Energy Funds.
Commenting on the deal, Sanjiv Aggarwal, Partner of Actis responsible for its energy and infrastructure business in the region, said that “India is one of the fastest growing solar markets in the world and the Government’s commitment to increasing renewable energy production continues to create attractive investment opportunities for our ALLIF and Energy funds. We will continue to focus on M&A and PPA auctions in India.”
Acme is India’s one of the largest renewable energy independent power producer (IPP) having portfolio of 5GW spread across the country.
“India has a lot of potential for solar power and Acme is very well poised to tap this potential and create value for utilities and consumers by offering day time power at very low cost. Asset divestment to long term investors like Actis helps unlock equity value and aid our growth plans in India,” said Manoj Kumar Upadhyay, Founder & Managing Director, ACME Group.
Meanwhile, Actis’ recent investments through its Energy Funds include Ostro Energy which was sold in 2018 in one of the largest renewable energy deals in India and Sprng Energy which currently has 648 MW of operating assets and a further pipeline of 1100 MW which are in various stages of execution.