ACME Signs Deal With Brookfield Renewable for 450MW Solar Project

One of the largest solar power developers in India, ACME Solar Holdings Ltd. has announced signing a deal with Brookfield Renewable,  an owner and operator of renewable assets, for a 450 MW solar power project in Rajasthan, India.  Brookfield Renewable is one of the world’s largest investors in renewable power, with approximately 21,000 megawatts of generating and storage capacity across 30 countries now. Their assets, located in North and South America, Europe, India and China, comprise a diverse technology base of hydro, wind, utility-scale solar, distributed generation, storage and other renewable technologies.  Solar is about 2200 MW as of now.

ACME says that this is backed by a 25-year Power Purchase Agreement (PPA) with MSEDCL (Maharashtra State Electricity Distribution Company Limited) a subsidiary of the Maharashtra State Electricity Board.

India’s leading solar IPP, ACME Solar broke the news through its Twitter handle, tweeting:

@Acme_Solar signs a deal with #Brookfield Renewable to build a 450MWp Solar Project in Rajasthan. This is a 25-year PPA with @MSEDCL a subsidiary of the Maharashtra State Electricity Board. It’s the largest electricity distribution utility in India.

– @PMOIndia @OfficeOfRKSingh

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This announcement marks the third recent ACME’s project in Rajasthan, as it follows the announcement that Denmark’s state-owned fund IFU and United Nations Office for Project Services’ S3i have acquired 39 percent and 10 percent stake respectively in Acme Solar Holdings Ltd’s 250 MW solar project in Rajasthan.

ACME holds the majority 51 percent stake in the project, which has a total investment requirement of euro 150 million and was awarded by state-run Solar Energy Corporation of India Ltd (SECI).

After the Brookfield move ACME Founder and Chairman Manoj Upadhyay said that “We are glad to jointly develop a 450 MWp solar project in India and look forward to working with Brookfield Renewable in the future as well,”

ACME’s other recent investment in the same state is the  partnership with a Norwegian renewable power producer and supplier, Scatec to develop a p a 900 MW solar power plant in Rajasthan.

This solar power project includes a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) secured in a tender in 2018.

Back in September 2020, we reported that Amplus Energy Solutions, the Malaysian national oil firm, Petronas’s subsidiary in India since its acquisition by Petronas last year, has moved to acquire 100MW of solar assets owned by ACME Solar. The reported price for the deal was USD 110 million. And, for ACME, the deal follows its successful closure of a deal to sell 400MW of operating solar assets to Actis Capital.