ACME Solar raises INR 2,800 crore via QIP

ACME Solar Holdings Ltd (ACME Solar) has successfully concluded its INR 2,800 crore qualified institutions placement (QIP), its first equity capital raise since listing in 2024. The proceeds from the QIP will be used to reduce leverage and enhance the overall balance sheet strength.

“The transaction garnered strong participation from a well-diversified mix of existing and new marquee investors, including leading domestic mutual funds, major insurance companies and foreign institutional investors including SBI Mutual Fund (MF), Nippon MF, HDFC MF, ICICI Prudential MF, Kotak MF, SBI Life Insurance, ICICI Prudential Life Insurance, BlackRock, Amundi, Goldman Sachs, Abu Dhabi Investment Authority and Pictet, among others,” said the company.

“This reflects deep investor conviction in the company’s execution capabilities and visible capacity expansion pipeline.”

ICICI Securities and IIFL Capital Services acted as the book running lead managers to the QIP. Shardul Amarchand Mangaldas & Co was the Legal Counsel to the Company while Cyril Amarchand Mangaldas and Hogan Lovells were the Legal Counsels to the Book Running Lead Managers.

ACME Solar Holdings is an integrated renewable energy player with an aggregated contracted capacity of 8,070 MW. It develops, builds, owns, operates and maintains utility-scale renewable energy projects through its in-house engineering, procurement and construction division and operation and maintenance team, and generates long-term revenue through fixed-tariff power purchase agreements for the sale of electricity to various off-takers, including central and state government-backed entities.