ACME Solar to Raise Rs2,200 crore

In Clean News, News, Renewable Energy, Solar

ACME is one of the largest independent solar power manufacturer in India as per the  market research firm CRISIL. ACME Solar Holdings has filed preliminary papers with Sebi to raise Rs2,200 crore through an initial public offering, according to draft papers filed with the markets regulator Sebi.

Acme Solar Holdings has filed for an IPO in India of up to INR22 billion (US$336 million) It is the first Indian renewable energy IPP to launch an IPO in India, since Mytrah Energy and Azure Power are listed outside of India. The equity shares are proposed to be listed on BSE and National Stock Exchange (NSE). Acme would use the funds raised to both pay debt and finance the firm’s 200MW project at Bhadla.

Acme is also considering a pre-IPO placement of up to 5.2 million equity shares for up to INR5 billion for certain investors. ICICI Securities, Citigroup and Deutsche Bank are managing the IPO.

Acme  had already made headlines twice this year by winning solar capacity with record low tariffs at Rewa in Madhya Pradesh (INR3.29/kWh) and at Bhadla in Rajasthan (INR2.44/kWh). It has a portfolio of operational and under-construction projects with a capacity of 2,351 MW peak or 1,814 MW.

 

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