Acme today announced the signing of a deal with Brookfield Renewable, a global owner and operator of renewable power assets, to build a 450MWp solar project in Rajasthan.
This solar project benefits from a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited, a wholly-owned subsidiary of the Maharashtra State Electricity Board.
Acme and Brookfield Renewable will jointly develop the 450 MWp solar project in India, said Manoj Upadhyay, Chairman, Acme Group, in the media statement.
However, Acme did’t disclose the terms of the deal and the amount of investment raised for the project.
The project is estimated to provide clean and green electricity to over a million households. It is also expected to provide jobs for over 450 people during its construction phase and 150 people while operational.
The latest announcement comes close on the heels of Acme raising equity investment for its 250 MW solar project in Rajasthan. For the 250 MW project, investors included Denmark’s state-owned government fund IFU and United Nations Office for Project Services’ S3i.
As the world seeks its ways to accelerate the pace of transformation in the clean energy sector, India is uniquely positioned to demonstrate tremendous growth in Solar Power.
“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. ACME Solar is known for transforming and creating value by offering the most affordable tariffs to our end customers,” said Manoj Upadhyay.
Acme Solar is one of India’s leading independent power producers in the solar energy sector with a combined portfolio of 5 GWp, out of which 2.3 GWp is operating and 2.7GWp under construction. The assets are well diversified, with a presence across 13 states in India and a central: state mix of 65:35.
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