RECPDCL Invites Bids for 223 MW ISTS-Connected Solar Projects

Clean Energy Tech Firm Ecozen Raises $30 Million for Global Expansion

SJVN Green Energy Invites Bids to Source Land for 200 MW Solar Projects in Assam

Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan

Daily News Wrap-Up: Application Process for ALMM Inclusion and Renewal

Australia Adds 5.9 GW of Renewable Capacity to the Grid in 2023

POWERGRID Wins Contracts to Evacuate 18 GW of Renewable Energy

MNRE Seeks Feedback on Guidelines for PM-Surya Ghar Rooftop Solar Program

Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal

<p><a href="https://amplussolar.com/" target="_blank" rel="noopener noreferrer">Amplus</a>, the Indian arm of Petronas (Petroliam Nasional Bhd), a Malaysian government-owned oil and gas company, has acquired 100 MW of solar assets from <a href="https://www.acme.in/" target="_blank" rel="noopener noreferrer">ACME</a> Solar. The deal was valued at ₹8 billion (~$109 million), an executive privy to the development told Mercom.</p>
<p>This 100 MW project, located in Karnataka&#8217;s Pavagada Solar Park, was developed under the National Solar Mission (Phase-2 Batch-2). Commissioned in 2018, the project comes with a tariff of ₹4.79 ($0.065)/kWh.</p>
<p>It is ACME Solar&#8217;s second asset sale to date. In August, the company <a href="https://mercomindia.com/actis-acquires-solar-projects-acme/" target="_blank" rel="noopener noreferrer">sold</a> 400 MW of solar assets to U.K.-based investor <a href="https://www.act.is/" target="_blank" rel="noopener noreferrer">Actis</a> in a deal estimated at around ₹25 billion (~$334 million). Projects acquired by Actis Lifelong Infrastructure Fund are located in Andhra Pradesh and Madhya Pradesh.</p>
<p>With the completion of this deal, ACME would have raised close to ₹33 billion ($450 million) this year through the sale of solar assets. According to Mercom&#8217;s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener noreferrer">India Solar Project Tracker</a>, ACME has around 2.1 GW of large-scale solar projects in operation, and another 1.75 GW in the development pipeline.</p>
<p>Amplus manages a 650 MW of green energy generation asset base, including operational and under-construction capacities. It also undertakes renewable power generation projects on behalf of its clients.</p>
<p>Headquartered in Singapore, Amplus was <a href="https://mercomindia.com/petronas-acquires-solar-company-amplus/" target="_blank" rel="noopener noreferrer">acquired</a> by Petronas last year from its New York-based investor; I Squared Capital.</p>
<p>The company currently holds a portfolio of 200 commercial and industrial customers, including Yamaha, Cisco, Reckitt Benckiser, Schlumberger, Carlsberg, ABB, TVS, and government entities like the Indian Railways and Delhi Metro.</p>
<p>Mecom Capital Group&#8217;s Q2 2020 Solar Funding and M&amp;A <a href="https://mercomcapital.com/total-corporate-funding-for-solar-sector-reaches-4-5-billion-in-1h-2020/" target="_blank" rel="noopener noreferrer">Report</a> shows that in the first half of 2020, 14.7 GW of solar projects got acquired. Oil and gas majors were the major acquirers of solar assets and accounted for about 6.5 GW (45%) of acquisitions during the first half of the year.</p>
<p>&nbsp;</p>
<p>Image credit: Amplus Solar</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/debjoy-sengupta/" class="vcard author" rel="author"><span class="fn">Debjoy Sengupta</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="authorboxn" style="padding-bottom: 20px"><a href="#" target="_blank" rel="noopener"><strong style="color: #00b451">Debjoy Sengupta</strong> </a>is a research analyst at Mercom India Research.</div>
<div></div>
<div class="authorboxn"><a href="https://mercomindia.com/author/debjoy-sengupta" target="_blank" rel="noopener">More articles from Debjoy Sengupta</a></div>
</div></div><div class="clearfix"></div></div></div>

Petronas’ Indian Arm Acquires 100 MW of Solar Assets from ACME at ₹8 Billion

take-over

Get the most relevant India solar and clean energy news.

RECENT POSTS