Renewable energy company ACME Solar Holdings Ltd has hired two investment banks as the company looks to start work on its proposed infrastructure investment trust (InvIT) amid a prolonged delay in a planned initial public offering (IPO)
Acme Solar, which had bid aggressively to push solar tariffs in India to record lows, is considering putting 650 megawatts of capacity on the block, as it weighs various options for the future, multiple people aware of development said.
ACME Solar Holdings Ltd plans to raise up to ₹3,000 crore through an infrastructure investment trust (InvIT) amid a prolonged delay in a planned initial share sale.
Indian renewable energy company Acme Solar Holdings has downsized its proposed IPOto Rs10bn-Rs15bn (US$147m-$219m) from Rs22bn as it plans to sell some of its assets, people with knowledge of the transaction have said.
ACME Solar Holdings, the first renewable energy company to start listing procedure in India, might have dropped its initial public offering (IPO) plans.
ACME Solar, an Indian developer of solar power projects, has secured a flexible line of credit worth INR 7 billion ($108 million) from Piramal Finance, which is a subsidiary of Indian investment group Piramal Enterprises Ltd.
New Record Low Solar Tariff of Rs.3.30/kWh Logged at Rewa Solar Park Auction in Madhya Pradesh, India
In the recently concluded 750 MW Rewa Solar Park auction in Madhya Pradesh, bids reached a new record low of Rs.3.30 (~$0.494)/kWh (levelized tariff over 25 years) over a rupee lower than the previous low tariff of Rs.4.34 (~$0.065)/kWh,
The three companies submitted the lowest bids from a lot of 20 bidders, both national and international, who had initially submitted their proposals to develop the Rewa solar park in Madhya Pradesh. The bids had closed on January 23.
The reverse bidding process for the Rewa solar park in Madhya Pradesh saw record first year low tariffs by the bidding companies. While Mahindra emerged the successful bidder for Unit-1 and submitted the lowest first year tariff at Rs 2.979 a unit, Acme Solar bid further low for the second unit of Rewa at Rs 2.970 a unit and Solenberg bid the lowest first year tariff of Rs 2.974 for the third unit of Rewa.