India’s Acme Group has allied with Norwegian investment fund Norfund to invest in developing new greenfield renewable power projects in India. Both partners signed a framework agreement for co-investment.
The Norwegian Investment Fund for Developing Countries is owned by the Norwegian Government and invests primarily in the clean energy sector. It invests equity and/or debt capital, always as a financial minority together with partners. ACME Group is one of India’s leading renewable energy developers with projects across 12 States.
Manoj Upadhyay, founder and chairman of Acme Group, said, “Both the partners will invest in potential projects in the renewable sector that would help the country to attain sustainable development and create employment opportunities.”
Mark Davis, executive vice president-Clean Energy, Norfund, said, “ACME’s proven track record of being able to deliver on large scale renewables makes the company an ideal partner for Norfund in our efforts to contribute to avoiding carbon emission by investing in the energy transition in India.”
Recently, Norfund made an equity investment of INR 500 crore ($61.3 million) in Punjab-based SAEL that has developed biomass power generation as a solution to stubble burning. Together with pension fund KLP, also based in Norway, it has also bought a 49% stake in a 420 MW DC (300 MW AC) solar plant being built in India. Italy’s Enel Green Power is developing this solar plant in the Bikaner District of Rajasthan.
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