Amplus acquires 100MW of Indian solar assets from ACME Solar

11 September 2020 (Last Updated September 11th, 2020 12:31)

Amplus has reportedly acquired 100MW of Indian solar assets from ACME Solar in a deal valued at $109m (Rs8bn).

Amplus acquires 100MW of Indian solar assets from ACME Solar
ACME Solar sold 100MW of solar generation at the Pavagada Solar Park as part of a divestment program. Credit: Chelsea on Unsplash.

Amplus has reportedly acquired 100MW of Indian solar assets from ACME Solar in a deal valued at $109m (Rs8bn).

Mercom India reported that Amplus, the Indian rooftop solar arm of Malaysian company Petronas, acquired the assets at the Pavagada Solar Park, in the state of Karnataka. It was commissioned in 2018.

Amplus was acquired by Petronas last year from I Squared Capital, a New York-based investment company.

Founded in 2003, ACME Solar has a portfolio of 5GW located across various states in India with a mix of central and state utilities.

With the latest solar asset sale, the company has raised approximately $450m (Rs3.3bn) so far in 2020.

This is reported to be ACME’s second divesture, following the sale of its 400MW solar power facility in August for $334m. UK-based investment firm Actis Lifelong Infrastructure Fund acquired the solar assets, located in the states of Andhra Pradesh and Madhya Pradesh.

In May this year, ACME Solar stopped supplying power at India’s lowest tariff to government-owned Solar Energy Corporation of India.

A company spokesperson attributed the decision to project delays and uncertainty caused by the Covid-19 pandemic.

In another development, Thyssenkrupp Elevator India has partnered with Amplus Solar for creating an onsite solar power unit at its facility in Pune, Maharashtra.

Recently, Amplus commissioned an 820kW solar power plant at the facility, which included 755kW of rooftop solar and a 65kW carport.

Additionally, Thyssenkrupp signed a power purchase agreement with Amplus for sourcing 820kW solar power for a period of 20 years.