India’s solar power producer ACME has roped in Brookfield Renewable to jointly build a 450 megawatts-peak (MWp) solar project in Rajasthan as part of its larger plan to sell equity stake in its projects.
“ACME, India’s leading solar IPP (independent power producer), has announced closure of a deal with Brookfield Renewable, a global owner and operator of renewable power assets, to build a 450 MWp Solar Project in Rajasthan,” a company statement said.
The company, however, did not disclose the financial details.
According to the statement the Rajasthan solar project includes a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL), a wholly-owned subsidiary of the Maharashtra State Electricity Board, the largest electricity distribution utility in India and the second largest in the world.
The project will provide clean and green electricity to over a million households. It is also expected that the project will provide jobs for over 450 people during its construction phase and 150 people while it’s operating.
“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. We appreciate the enthusiasm from global renewable energy companies and investors who strive to be a part of India’s success story. Backed by abundant renewable resources and lower per capita energy consumption, the country plans to achieve 450 GW of renewable power by 2030,” said Manoj Upadhyay, Chairman ACME Group in the statement.
Earlier in the month ACME Solar had signed a shareholders’ agreement with United Nations Office for Project Services (UNOPS) S3i and IFU for developing a 250-megawatt (MW) solar power plant in Rajasthan.
The total value of the project was close to US$ 200 million, of which about a quarter would be financed through equity contributions by the three co-investors.
Acme also tied up with Norwegian renewable major Scatec, which picked up a 50 percent stake in Acme’s 900 MW solar power plant in Rajasthan.