ACME has signed a landmark shareholders’ agreement with UNOPS S3i and IFU for developing a 250-megawatt solar power plant located in the Rajasthan State of India. The deal supports India’s ambitious renewable targets and will provide clean electricity to half a million families.
Once in operation, the solar plant will provide clean electricity to the equivalent of 500,000 households. It is also estimated that the project will create some 225 jobs in the construction phase, and 75 jobs while the plant is in operation. The co-investors express their appreciation to Myra Investments for their support in structuring this transaction.
“This is a historic partnership agreement and we are very excited to have UNOPS S3i and IFU as our partners and co-investors in India for the development of solar projects. ACME will jointly develop world-class Solar plants using the experiences of our partners in social impact measurement while optimizing operations and energy generation. This partnership is a key milestone towards ACME’s vision for developing a portfolio of 25 GW of RE projects which comes in line with India’s plans to achieve 450 GW of REpower by 2030.” said Manoj Upadhyay, Founder, and Chairman, ACME Group
“Providing clean and green power is at the forefront of global commitments to address climate change. We need an urgent transition from fossil fuels to renewable energy. UNOPS is proud to support India’s climate targets and all of the partners in this landmark renewable energy project” said Grete Faremo, UN Under-Secretary-General, and UNOPS Executive Director.
“We are delighted to have had this opportunity to demonstrate our commitment to the government and people of India and show that we care and willing to take risks while the country is working so hard to combat the devastating COVID-19 pandemic. As the world is slowly but surely recovering from this modern plague, building back green is the fastest and most optimal way to a more sustainable future” said Vitaly Vanshelboim, Assistant UN Secretary-General and Chief Executive of Sustainable Investments in Infrastructure and Innovation (S3i).
“We are delighted to be part of this investment as it fits very well with our strategy to create green, just, and inclusive societies and matches our requirement of co-investing with strong and competent partners. It is our first investment under the India-Denmark Green Strategic Partnership signed between the Government of India and Denmark in 2020, and we hope this will be a stepping-stone for creating an even stronger green cooperation between India and Denmark, going forward, said Reik Haahr Müller, Vice President, Climate at IFU
The total value of the project is the equivalent of just under US$ 200 million, of which about a quarter are financed through equity contributions by the three co-investors.
ACME Solar is one of India’s leading IPP players in the solar energy sector with a portfolio of c.5.0GWp, out of which 2.3 GWp is operating and 2.7GWp is under construction. The assets are well diversified with a presence across 13 states in India and a central: state mix of 65:35. The company has an asset base of c. USD 2Bn. ACME has brought several innovations and introduced the latest technologies for the best solar plant operations.
UNOPS Sustainable Investments in Infrastructure and Innovation (S3i) is dedicated to making the SDGs a reality by investing with meaningful and measurable impact in affordable housing, renewable energy, and health, and boosting innovation. Our unique role as co-investor and trusted partner enables us to channel private financing in regions and sectors that have struggled heretofore to attract capital. We bring to bear the UN’s impartiality, fairness, and anti-corruption drive further reinforced by UNOPS’s flexible, agile and solution-oriented approach.
IFU– the Investment Fund for Developing Countries is a Danish impact investor contributing to green, just and inclusive societies as well as supporting the Sustainable Development Goals. IFU provides risk capital to companies operating in developing countries across Africa, Asia, Latin America, and parts of Europe. Investments are made on commercial terms in the form of equity, loans, and guarantees. IFU has co-invested in over 1,300 companies in more than 100 developing countries and emerging markets. Contracted investments total EUR 31 billion, of which IFU has contributed EUR 3.4 billion. Capital under management is EUR 1.7 billion. Read more at www.ifu.dk