ACME May Get Rs 960 crore From World Bank

ACME Jaipur Solar Power Pvt. Ltd may get Rs 960 crore from International Finance Corporation, the private-sector investment arm of the World Bank for construction of 250 MW solar power plant in Madhya Pradesh.

ACME Solar is a wholly owned subsidiary of ACME Cleantech Solutions Pvt. Ltd., will undertake the project development, construction, financing, operations and maintenance of the plant. In February 2017, ACME Solar Holdings Ltd had won a bid to set up the 250 MW plant at the Rewa Ultra Mega Solar Park in Madhya Pradesh.

In 2015, IFC had provided $50 million debt finance to one of ACME Solar’s power plants in Rajasthan. But ACME Solar is no longer associated with the project as it has been handed over to France’s EDF Energies Nouvelles as part of an asset swap, according to the disclosure.

In November 2016, ACME Cleantech Solutions raised Rs 500 crore ($73 million) from billionaire Ajay Piramal-controlled Piramal Enterprises Ltd and Dutch pension fund APG Asset Management NV to buy out French firm EDF Energies Nouvelle and Luxembourg-based EREN Renewable Energy, which held a 25% stake each in group company ACME Solar Energy Pvt. Ltd.

The plant is likely to be commissioned by November 2018 and the power generated will be sold to Madhya Pradesh Power Management Company Ltd and Delhi Metro Rail Corporation. The Madhya Pradesh government has appointed IFC as the lead transaction adviser to facilitate private investment for the Rewa solar project.