Actis has reportedly acquired cash-strapped Indian power producer-Acme Cleantech Solutions’ solar energy assets in a deal worth Rs 3,000 crore.
ET citing sources reports that Actis outbid Canadian fund Brookfield to strike a deal with one of the largest solar power producers in India.
The deal signed between the two firms on solar asset is subject to regulatory approvals. According ot the publication the equity value of the deal is pegged at Rs 900 crore.
Offloading 600 MW of solar assets will help Acme fund additional capacity and pay off debt. It’s due shortly to repay Piramal Finance, having borrowed Rs 700 crore in 2017.
Acme has a total solar capacity of 5.5 GW, of which 2.9 GW is operational and 2.6 GW is in the pipeline.
Actis is acquiring Acme assets through its Indian platform Sprng Energy.
Sprng Energy — which has projects with a total capacity of 1.7 GW in India.
Last year the company acquired the operating 194 MW solar energy portfolio of the Shapoorji Pallonji Group.