Acme Photo voltaic on Thursday stated it has signed an settlement with Danish funding agency IFU and United Nations’ operational arm UNOPS S3i for creating 250 megawatt (MW) solar energy era belongings in Rajasthan.
Although the monetary particulars of the deal weren’t disclosed, Acme Photo voltaic stated in a press release “the full worth of the undertaking is the equal of just below $200 million, of which a couple of quarter are financed by way of fairness contributions by the three co-investors”.
The undertaking is anticipated to be commissioned in December.
“This partnership is a key milestone in direction of Acme’s imaginative and prescient for creating a portfolio of 25,000 MW of renewable vitality initiatives which comes according to India’s plans to attain 4,50,000 MW of renewable vitality energy by 2030,” stated Manoj Upadhyay, founder and chairman of ACME Group. Acme Photo voltaic’s present portfolio stands at 5,000 MW, out of which 2,300 MW are working and the remaining beneath building. For this 250 MW plant the place the 2 international companies are investing, Acme had quoted a tariff of `2.48/unit within the auctions performed by the Photo voltaic Vitality Company of India (Seci), and was issued the letter of award in March 2019. The ability from the photo voltaic unit is scheduled to be provided to Rajasthan.
“UNOPS is proud to help India’s local weather targets and the entire companions on this landmark renewable vitality undertaking,” Grete Faremo, UN under-secretary-general and UNOPS govt director, stated.
The deal additionally marks the primary funding beneath the India-Denmark inexperienced strategic partnership signed in 2020. IFU will maintain 39% possession within the undertaking, and its funding is made on behalf of the Danish SDG Funding Fund, which is backed by the Danish state, bigger Danish pension funds and different personal traders.