Piramal invests $73m in India's Acme

The new capital will be used mostly to buy out stakes in Acme currently held by French renewable energy developer EDF Energies and Luxemburg's EREN Renewable Energy, which each hold a 25% stake in the company's Acme Solar Energy division. Acme will use the remainder of the investment to support ongoing projects and meet working capital requirements, Livemint reported, citing Nikhil Dhingra, Acme's group director for finance.

Currently Acme has about 1.5 gigawatts of solar energy projects in its portfolio, with around 600 megawatts already operational and 400 MW under construction. The company has signed power purchase agreements for the remaining 500 MW. Acme aims to have an operational portfolio of 1 GW by the end of the 2016 financial year, and to have an overall portfolio of 7.5 GW by 2019.

Piramal made its investment through its structured finance division. The unit provides mezzanine funding to Indian companies, particularly in the infrastructure sector.

Piramal has made significant investments in clean energy in recent years, including a $132 million investment this March alongside Dutch pension fund manager APG Asset Management in Essel Green Energy, the solar power platform of Essel Group. Piramal and APG formed a partnership in 2014 to invest up to $1 billion in Indian infrastructure companies over the next three years.

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• Topics
• South Asia
• Cleantech
• Infrastructure
• Expansion
• Infrastructure
• India
• energy
• Growth capital