The potential sale involves Acme Solar’s 2.21GW of operational assets and 2.63GW of solar projects under construction.


Acme Solar intends to sell solar projects. (Credit: Sebastian Ganso from Pixabay)

India’s solar power developer Acme Solar is reportedly considering the sale of 4.84GW of solar projects and operating assets.

The move to divest assets was reported by local newspaper Mint, citing three people who are aware of the development.

However, a spokesperson for Acme Solar denied the company’s intention to sell the projects, the newspaper said.

In an emailed response to it, the spokesperson said: “Our core strength is developing and constructing high quality solar assets and we will continue to do so. We don’t intend to sell any of our under construction assets.

“Of course as a part of our capital raise strategy, we will either churn operating assets or raise capital at the platform level.

“We would strongly advice you to not publish anything else as it will be purely speculative.”

Cantor Fitzgerald (Hong Kong) Capital Markets to advice on the sale process

As per the report, financial services firm Cantor Fitzgerald (Hong Kong) Capital Markets will be responsible for advising on the sale process, which involves 2.21GWp of operational assets and 2.63GWp of solar projects under construction.

A source familiar with the sale told Mint that the first phase of the sale process could be launched on 21 September 2020 while the binding offer could be made by mid-December 2020.

The sale process documents reviewed by the newspapaer stated: “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.

Recently, Actis Long Life Infrastructure Fund (ALLIF) acquired two solar projects with a combined capacity of 400MW, from Acme Solar.

The two projects are located in the Indian states of Andhra Pradesh and Madhya Pradesh.