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					</table><p>Solar energy company <a href="https://www.acmesolar.in/" target="_blank" rel="noopener">ACME Solar Holdings’</a> ₹29 billion (~$344.85 million) Initial Public Offering (IPO) will be launched on November 6, 2024, and close on November 8, 2024.</p>
<p>The price band has been set at ₹275-289 (~$3.27-3.43) per equity share with a face value of ₹2 (~$0.023). Bids can be made for a minimum of 51 shares or in multiples of 51 equity shares.</p>
<p>The IPO <a href="https://mercomindia.com/acme-solar-files-%E2%82%B930-billion-ipo" target="_blank" rel="noopener">consists</a> of a fresh issue of 1,1975 million shares at ₹2 (~$0.023)/share, amounting to ₹23.95 billion (~$284.80 million). It also includes an offer for sale of 2,525 million shares at ₹2 (~$0.023)/ shares amounting to ₹5.05 billion (~$60.05 million) from ACME Cleantech Solutions.</p>
<p>The offer is being made through the book-building process. Qualified institutional buyers will be allowed at least 75% of the net offer, and non-institutional buyers will be allotted at least 15%.</p>
<p>ACME Solar proposes to use ₹17.95 billion (~$213.45 million) from the IPO proceeds for investment in its subsidiaries to repay/prepay, in whole or in part, of certain outstanding borrowings availed by its subsidiaries from the net proceeds and the remaining will be used for general corporate purposes.</p>
<p>In its IPO prospectus, ACME said its business depends on ten off-takers, who are dependent on its promoter, ACME Cleantech, for raw material supplies. The company incurred a loss of ₹31.74 million (~$377,439) in FY 2023 and a profit of ₹6.98 billion (~$83 million) in FY 2024.</p>
<p>As of August 31, 2024, the company has an outstanding borrowing (fund-based) of ₹ 98.92 billion (~$1.17 billion) on a consolidated basis.</p>
<p>The company has an aggregate under-construction contracted capacity of 3,250 MW, and under-construction awarded capacity of 1,730 MW.</p>
<p>ACME Solar Holdings was one of the five companies to <a href="https://mercomindia.com/acme-sael-essar-sjvn-solar-auction" target="_blank" rel="noopener">win</a> SJVN’s auction held in August 2024 to set up 1.2 GW interstate transmission system-connected solar power projects.</p>
<p>In July 2024, the company <a href="https://mercomindia.com/seci-solar-plus-storage-auction-tranche-xv" target="_blank" rel="noopener">won</a> Solar Energy Corporation of India’s auction to set up 1,200 MW Inter-State Transmission System -connected solar power projects with 600 MW/1,200 MWh energy storage systems under Tranche XV.</p>


ACME Solar Holdings’ ₹29 Billion IPO to Hit the Market on November 6, 2024


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					</table><p><a href="https://www.mercomindia.com/mnre-solar-module-capacity-almm-2" target="_blank" rel="noopener">The Ministry of New and Renewable Energy has expanded the Approved List of Models and Manufacturers (ALMM) by adding 2,084 MW of new solar module capacity.</a> The cumulative module manufacturing capacity under ALMM now stands at 56,520 MW. Junna Solar System, Sun N Sand Exim, and Powertrac Solar Projects were the new entrants to the ALMM, accounting for 94 MW, 69 MW, and 47 MW, respectively. Waaree Energies, RenewSys India, and Goldi Solar increased their enlisted capacity by 1,144 MW, 495 MW, and 235 MW, respectively. Sunbond Energy, which has an enlisted capacity of 60 MW, was included in the provisional ALMM list with an applied capacity of 290 MW.</p>
<p><a href="https://www.mercomindia.com/rec-raises-500-million-via-green-bonds-to-finance-clean-energy-projects" target="_blank" rel="noopener">REC Limited, a state-owned infrastructure finance company, has raised $500 million through 5-year green bonds as part of its $10 billion Global Medium-Term Program.</a> The funds will be used to finance eligible green projects per REC’s Green Finance Framework, the Green Bond principles of the Climate Bonds Initiative, London, and RBI’s ECB Guidelines, with a second-party opinion from Sustainable Fitch. The five-year note has a semi-annual coupon rate of 4.75% per annum and matures on September 27, 2029. It is the first US dollar bond issuance from an Indian public sector undertaking in 2024.</p>
<p><a href="https://www.mercomindia.com/ilios-epc-contract-solar-andhra" target="_blank" rel="noopener">Telangana-based solar project developer ILIOS Power has won an engineering, procurement, and construction contract from HPCL Renewable &amp; Green Energy</a> for a 100 MW solar power project at Galiveedu, Annamayya district, Andhra Pradesh. The tender was floated by Hindustan Petroleum Corporation in May this year. Spanning approximately 500 acres within the Galiveedu Solar Park, the project will be executed on a lump-sum turnkey/EPC basis at a fixed price. The contract also includes operations and maintenance for five years, with the possibility of an extension for an additional five years.</p>
<p><a href="https://www.mercomindia.com/nhpc-apgenco-joint-pumped-hydro-storage-projects" target="_blank" rel="noopener">NHPC has signed a joint venture agreement with Andhra Pradesh Power Generation Corporation (APGENCO) to implement pumped hydro storage (PSP) projects and</a> renewable energy initiatives. In the first phase, two pumped storage projects – Yaganti PSP (1,000 MW) and Rajupalem PSP (800 MW) have been identified for implementation. The agreement follows a memorandum of understanding signed between NHPC and APGENCO last year. The joint venture company will execute the renewable energy projects in phases.  The joint venture company will be incorporated with an initial paid-up capital to be subscribed in a 50:50 ratio by NHPC and APGENCO.</p>
<p><a href="https://www.mercomindia.com/recpdcl-issues-tender-to-evacuate-4-gw-renewable-energy-in-rajasthan" target="_blank" rel="noopener">REC Power Development and Consultancy, a wholly owned subsidiary of REC Limited, has issued a request for proposal to establish an inter-state</a> transmission system (ISTS) for the evacuation of 4 GW of power from the Renewable Energy Zone Phase V (Sirohi-Nagaur Complex) in Rajasthan. The last date to submit the bids is November 29, 2024.</p>
<p><a href="https://www.mercomindia.com/epc-services-company-files-for-%E2%82%B96-billion-ipo" target="_blank" rel="noopener">Solarworld Energy Solutions has filed draft papers with the Securities and Exchange Board of India to raise ₹6 billion (~$71.6 million) through an Initial Public Offering</a> (IPO). The IPO includes a fresh equity issuance of ₹5.5 billion (~$65.6 million) worth of shares and an offer-for-sale of ₹500 million (~$5.9 million) by its promoter, Pioneer Facor IT Infradevelopers. The promoters currently hold 82.15% of the equity stake in the company, while public investors such as Value Quest Scale Fund own the remaining 17.85%. The Uttar Pradesh-based company, which specializes in engineering, procurement, and construction services for solar power projects, may raise an additional ₹1.1 billion (~$13.1 million) through a preferential allotment or other methods before submitting its Red Herring Prospectus to the Registrar of Companies.</p>
<p><a href="https://www.mercomindia.com/hpcl-epc-floating-solar" target="_blank" rel="noopener">HPCL Renewable and Green Energy, a subsidiary of Hindustan Petroleum Corporation, has invited bids for the engineering, procurement, and</a> construction packages of three floating solar projects. The projects are: 9 MW floating solar project in Jaisalmer, Rajasthan. 14 MW floating solar project in Balotra, Rajasthan. 2 MW floating solar project in Visakhapatnam, Andhra Pradesh. Selected developers must undertake the projects’ operation and maintenance for ten years. The last day to submit the bids is October 15, 2024.</p>
<p><a href="https://www.mercomindia.com/kaynes-acquires-smart-meter-company-iskraemeco-india-for-%E2%82%B9430-million" target="_blank" rel="noopener">Mysore-based electronics manufacturer Kaynes Technology has acquired 100% of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland</a> and Iskraemeco Merjenje, for ₹430 million (~$5.13 million). Iskraemeco India is engaged in supplying, installing, operating, and maintaining smart meters. The company’s total turnover in 2024 is ₹654.2 million (~$7.81 million). Kaynes Technology said in a regulatory filing that the acquisition will increase the company’s product line and service offerings.</p>


Daily News Wrap-Up: ALMM Solar Module Capacity Up 2 GW


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					</table><p><a href="https://ngel.in/ngel-home" target="_blank" rel="noopener">NTPC Green Energy</a>, a subsidiary of NTPC, has filed a draft red herring prospectus (DRHP) to raise ₹100 billion (~$1.19 billion) through an Initial Public Offering (IPO).</p>
<p>The IPO will comprise a fresh issue of up to 10,000 equity shares of face value of ₹10 (~$0.119), each aggregating up to ₹100 billion (~$1.19 billion). There is no offer for sale in this IPO.</p>
<p>The IPO will offer a quota for existing shareholders of NTPC with a maximum of 10% of the issue.</p>
<p>The net proceeds will be invested in NTPC Renewable Energy (NREL) to repay/prepay, in whole or in part, certain outstanding borrowings availed by NREL amounting to ₹75 billion (~$895.78 million). The remaining ₹25 billion (~$298.59 million) will be used for general corporate purposes, including funding of strategic initiatives, partnerships, joint ventures and acquisitions, capital expenditure, interest payment, and business development initiatives.</p>
<p>The company said NREL has entered into various borrowing arrangements, including term loans and various fund-based and non-fund-based working capital facilities. On July 31, 2024, it had outstanding borrowings of ₹162.35 billion (~$1.93 billion).</p>
<p>The company has solar and wind power projects in more than six states in India, with an operational capacity of 3,071 MW for solar and 100 MW for wind projects as of August 31, 2024.</p>
<p>In the first quarter of the financial year 2025, NTPC Green earned ₹5.58 billion (~$66.64 million) from renewable energy sales, with ₹5.3 billion (~$63.30 million) from solar and ₹279.62 million (~$3.30 million) from wind.</p>
<p>Last month, NTPC Green Energy <a href="https://www.mercomindia.com/ntpc-invites-bids-for-sale-of-carbon-credits" target="_blank" rel="noopener">floated</a> a tender to sell 100,000 carbon credits for Verified Carbon Standard-registered wind and solar projects with a 610 MW capacity.</p>
<p>Recently, Suzlon Group <a href="https://www.mercomindia.com/suzlon-wind-turbine-order-ntpc-green" target="_blank" rel="noopener">secured</a> a 1,166 MW order from NTPC Green Energy to install 370 wind turbine generators of the S144 model, each with a rated capacity of 3.15 MW.</p>


NTPC Green Energy to Raise $1.19 Billion via Initial Public Offering


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					</table><p>Telangana-based solar cell and module manufacturer <a href="https://premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a> has filed the draft red herring prospectus (DRHP) with the <a href="https://www.sebi.gov.in/" target="_blank" rel="noopener">Securities and Exchange Board of India</a> to raise over ₹15 billion (~$179.91 million) through an initial public offering (IPO).</p>
<p>The IPO would consist of a fresh issue of equity shares with a face value of ₹1 (~$0.012) aggregating up to ₹15 billion (~$179.91 million) and an offer for sale of up to 28.2 million shares by the selling shareholders.</p>
<p>Premier Energies proposes to utilize the net proceeds of the fresh issue to invest ₹11.68 billion (~$140.09 million) in its subsidiary, Premier Energies Global Environment, for part-financing the establishment of a 4 GW Solar TOPCon cell and 4 GW solar TOPCon module manufacturing facility in Hyderabad, Telangana, and the rest towards general corporate purposes.</p>
<p>Under the offer-for-sale component,  South Asia Growth Fund II Holdings is offering up to 23,846,400 equity shares of face value ₹1 (~$0.012) each. The weighted average acquisition cost per equity share for this entity is ₹15.81 (~$0.19).</p>
<p>South Asia EBT Trust is offering up to 153,600 equity shares of face value ₹1 (~$0.012) each, with a weighted average cost of acquisition per equity share of ₹15.81 (~$0.19).</p>
<p>Chiranjeev Singh Saluja, Executive Director at Premier Energies, intends to sell up to 4.2 million equity shares of face value ₹1 each. The weighted average acquisition cost per equity share is ₹0.25 (~$0.003).</p>
<p>In consultation with the booking running lead managers, Premier Energies may consider issuing specified securities with an aggregate value of up to ₹3 billion (~$35.98 million) before filing the Red Herring Prospectus. If the pre-IPO placement is completed, the amount raised will be deducted from the fresh issue.</p>
<p>The booking running lead managers for the transactions are Kotak Mahindra Capital Company, J.P. Morgan India, and ICICI Securities.</p>
<p>Premier Energies was India&#8217;s fifth largest solar module supplier, with a 4.3% market share in the first half (1H) of the calendar year 2023, according to Mercom&#8217;s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2023.</a></p>
<p>Recently, Mumbai-based solar module manufacturer Waaree Energies <a href="https://www.mercomindia.com/waaree-raise-%E2%82%B930-billion-ipo/" target="_blank" rel="noopener">filed</a> draft papers with the market regulator to raise ₹30 billion (~$361 million) in an IPO.</p>


Solar Module Manufacturer Premier Energies Files DRHP for ₹15 Billion IPO

<p>Indian solar module manufacturer <a href="https://www.googleadservices.com/pagead/aclk?sa=L&amp;ai=DChcSEwiFsdayr6PzAhVNOysKHYqyD6wYABAAGgJzZg&amp;ae=2&amp;ohost=www.google.com&amp;cid=CAASEuRocof6w4QPtKOloxZfezreHg&amp;sig=AOD64_2QbP4tk06TyrICHzIyq5LZlU8jBw&amp;q&amp;adurl&amp;ved=2ahUKEwjOr86yr6PzAhWEF3IKHbDmCG8Q0Qx6BAgDEAE" target="_blank" rel="noopener">Waaree Energies</a> has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO).</p>
<p>The IPO includes a fresh issue of equity shares worth ₹13.5 billion (~$182 million) and an Offer for Sale component.</p>
<p>The issue comprises equity shares of the face value of ₹10 (~$0.13) each, aggregating to ₹13.5 billion (~$182.02 million) and an offer for sale of 4,007,500 equity shares by existing shareholders and promoters.</p>
<p>The proceeds from its fresh issuance worth ₹9.78 billion (~$132 million) and ₹1.84 billion (~$25 million) will be utilized to finance the cost of setting up a 2 GW per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Chikhli, Gujarat. The remaining proceeds will be used for general corporate purposes.</p>
<p>Book running lead managers for the issue are <a href="https://www.axiscapital.co.in/" target="_blank" rel="noopener">Axis Capital</a>, <a href="https://www.gbm.hsbc.com/solutions/securities-services" target="_blank" rel="noopener">HSBC Securities</a> and <a href="https://www.capitalmarket.com/" target="_blank" rel="noopener">Capital Markets (India)</a>, <a href="https://www.icicisecurities.com/" target="_blank" rel="noopener">ICICI Securities</a>, and <a href="http://intensivefiscal.com/index.php" target="_blank" rel="noopener">Intensive Fiscal Services</a>.</p>
<p>Waaree Energies has an aggregate installed capacity of 2 GW as of March 31, 2021. The company currently operates three manufacturing facilities comprising four factories in India at Surat Tumb and Nandigram.</p>
<p>As of March 31, 2021, Waree&#8217;s revenue from operations stood at ₹19.52 billion (~$263 million) against ₹19.95 billion (~$269 million) in 2020. Net profit was at ₹481.9 million (~$6.50 million), up from ₹390.2 million (~$5.3 million) in 2020.</p>
<p>Waaree stated that it is also setting up another manufacturing facility at Chikhli in Gujarat. The proposed 3 GW PV module manufacturing capacity is expected to be operational by the end of the financial year (FY) 2022. The 4 GW solar cell capacity is likely to be operational by the end of FY 2023.</p>
<p>In March 2020, Sterling and Wilson Solar <a href="https://mercomindia.com/sterling-wilson-set-merge-waaree-spv/" target="_blank" rel="noopener">approved</a> the merger of Sterling &amp; Wilson Waaree with Sterling &amp; Wilson Solar. Sterling and Wilson Waaree, a wholly-owned subsidiary of Sterling &amp; Wilson Solar, was set up as a special purpose vehicle to execute a 9 MW project in Niger.</p>


Solar Module Manufacturer Waaree Energies Files Draft Red Herring Prospectus for IPO

<p>In a bid to expand its foothold in the industry, India’s leading renewable energy project developer ReNew Power, is looking at new acquisition opportunities.</p>
<p>According to its Draft Red Herring Prospectus (DRHP) <a href="https://mercomindia.com/renew-power-files-ipo/" target="_blank" rel="noopener">filed</a> with capital market regulator Securities and Exchange Board of India (SEBI) on May 8, 2018, <a href="https://renewpower.in" target="_blank" rel="noopener">ReNew</a> is currently negotiating to acquire 700 MW of renewable projects in four Indian states.</p>
<p>These renewable projects include 437.2 MW of projects in Andhra Pradesh, 171.9 MW in Karnataka, 60 MW in Rajasthan, and 16.5 MW in the state of Tamil Nadu. These include approximately 200 MW of solar projects and around 485 MW of wind projects.</p>
<p>Commenting on the ongoing acquisition discussions, Mercom’s source at ReNew Power said, “We are in the process of acquiring 700 MW of new projects, but at this stage, it will be difficult to provide any more details.”</p>
<p>The company is also exploring another area for growth and looking to expand its renewable energy value chain. ReNew is planning to expand into energy storage, offshore wind energy, floating solar, third party EPC and O&amp;M, transmission and distribution.</p>
<p>According to the <a href="http://store.mercom.mercomcapital.com/product-category/solar-reports/" target="_blank" rel="noopener">Mercom Solar Funding and M&amp;A Report</a><em>,</em> ReNew Power has raised over $800 million in debt and over $1 billion in private equity funds to date from an expansive investor base which includes Goldman Sachs, Canada Pension Plan Investment Board, the Asian Development Bank, JERA, Abu Dhabi Investment Authority, the Global Environment Fund, among others. ReNew Power currently has green energy assets of more than 4.5 GW, which include a commissioned capacity of approximately 2.8 GW as of December 31, 2017.</p>
<p><a href="https://mercomindia.com/renew-power-acquires-ostro-energy/" target="_blank" rel="noopener">Recently</a>, the company announced one of the largest acquisition deals in India of Ostro Energy Private Limited, valued at around $1.63 billion.</p>
<p>According to the company’s portfolio, ReNew has a total renewable capacity of approximately 5.85 GW, comprising 3.92 GW of operational capacity, and 1.66 GW of capacity under development.</p>
<p>ReNew filed for <a href="https://mercomindia.com/renew-power-files-ipo/" target="_blank" rel="noopener">IPO</a> in early May 2018.</p>
<p>&nbsp;</p>


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