Acme Solar Holdings Ltd. is looking to sell 4.84 gigawatt (GW) of solar projects. This assets sale process from India’s largest pure-play solar platform is being run by Cantor Fitzgerald (Hong Kong) Capital Markets Ltd.
This comes in the backdrop of resumption of deal activity in India’s green energy space, home to the world’s largest clean energy program.
According to the sale process documents reviewed by Mint, “Cantor Fitzgerald has been mandated to advise on the sale of a 4.84 GWp portfolio of operating and under-construction solar assets in India (“Project Wiley”).”
“Portfolio consists of 4.84 GWp of solar assets spread over 12 states, with 25-year PPAs in place at a ₹3.55/kWh weighted average tariff,” the document stated.
This sale of assets code-named “Project Wiley” after Acme Solar Holdings Ltd explored a plan for a proposed infrastructure investment trust (InvIT) and an initial public offering (IPO).
Acme Solar recently sold two solar projects totaling 400MW to Actis Long Life Infrastructure Fund (ALLIF) and 100 MW to Petroliam Nasional Bhd owned Amplus.
At 2.21 GWp of operational capacity, and a further 2.63 GWp of in- construction capacity, the transaction perimeter represents one of the largest solar positions in the whole of India, and provides the opportunity for an acquirer to become a significant player in the market through a single acquisition.
An Acme Solar spokesperson in an emailed response said, “Above information is not correct. Of course as a part of our capital raise strategy, we will either churn operating assets or raise capital at the platform level, anything else is purely speculative.”
This story is based on an article published in “livemint.”