Amplus acquires 100 MW of ACME’s solar assets

Petronas, through its Indian arm Amplus Energy Solutions, has acquired 100 MW of solar assets from ACME Solar. Petroliam Nasional Berhad, or Petronas is Malaysia’s state-run oil and gas company. The 100 MW solar power capacity is located in Karnataka’s Pavagada Solar Park and was developed under the National Solar Missionwith a tariff of Rs 4.79 per kWh. The capacity was commissioned in 2018.The deal has been reported to be valued at around Rs 8 billion.

In August 2020, Actis, the UK-based fund, closed its acquisition of 400 MW assets from Acme for a consideration of Rs 2.5 billion. With the sale of 100 MW assets, Acme has raised around Rs 3.3 billion in 2020 through assets sale.

Amplusspecialises in end-to-end solutions for rooftop and ground-mounted solar power projects. Its solutions are not limited to on-site solar projects, the company has a large open access solar power capacity as well. It was acquired by Petronas in 2019 from New York-based investor I Squared Capital. Over the years, its business model has remained the same. It continues to operate on the opex model and signs power purchase agreements (PPAs) with clients to reduce financing-and technology-related risks for consumers and ensure cost-competitive tariffs. The company has established a 700 MW portfolio of projects under operation and development spread across India, the Middle East and Southeast Asia.

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