Global funds invest in Acme Solar’s 250 MW project in Rajasthan

“UNOPS is proud to assist India’s local weather targets and the entire companions on this landmark renewable vitality venture,” Grete Faremo, UN under-secretary-general and UNOPS government director, stated.

Acme Photo voltaic on Thursday stated it has signed an settlement with Danish funding agency IFU and United Nations’ operational arm UNOPS S3i for growing 250 megawatt (MW) solar energy era belongings in Rajasthan.

Although the monetary particulars of the deal weren’t disclosed, Acme Photo voltaic stated in a press release “the entire worth of the venture is the equal of just below $200 million, of which a couple of quarter are financed by means of fairness contributions by the three co-investors”.

The venture is predicted to be commissioned in December.

“This partnership is a key milestone in the direction of Acme’s imaginative and prescient for growing a portfolio of 25,000 MW of renewable vitality initiatives which comes consistent with India’s plans to realize 4,50,000 MW of renewable vitality energy by 2030,” stated Manoj Upadhyay, founder and chairman of ACME Group. Acme Photo voltaic’s present portfolio stands at 5,000 MW, out of which 2,300 MW are working and the remaining beneath development. For this 250 MW plant the place the 2 international companies are investing, Acme had quoted a tariff of `2.48/unit within the auctions carried out by the Photo voltaic Power Company of India (Seci), and was issued the letter of award in March 2019. The facility from the photo voltaic unit is scheduled to be provided to Rajasthan.

“UNOPS is proud to assist India’s local weather targets and the entire companions on this landmark renewable vitality venture,” Grete Faremo, UN under-secretary-general and UNOPS government director, stated.

The deal additionally marks the primary funding beneath the India-Denmark inexperienced strategic partnership signed in 2020. IFU will maintain 39% possession within the venture, and its funding is made on behalf of the Danish SDG Funding Fund, which is backed by the Danish state, bigger Danish pension funds and different personal buyers.