Scatec, ACME to put 900 MW solar project in India on hold

Scatec, a company based in Norway and ACME Solar Private Limited, based in India, have decided to put their 900 MW solar power project in India on hold due to supply chain bottlenecks and rising import duties. The project is worth $400 million. Acme is developing a solar plant in Rajasthan, and Scatec holds a 50 per cent stake in it. The project was supposed to be finished in 2022. A 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India will boost it.

In the Union Budget, the Central Government has decided to allocate Rs 195 billion to boost its solar PLI scheme to push solar equipment manufacturing as the country seeks to deploy 280 GW of solar capacity by 2030. India has decided to levy customs duties on solar modules and solar cells to cut its dependence on China-made imports and boost local manufacturing.

In December 2021, Ayana Renewable Power Private Limited and ACME Solar Holdings Private Limited announced the closure of a deal as part of which ACME will sell 100 per cent equity stake in an operational 250 MW ac solar project to Ayana. With this transaction, Ayana is now developing and managing close to 3 GW of renewable energy.

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