Acme Solar looking to sell 4.84 GW of solar projects in India

Solar Panels. Photo: Pixabay

Acme Solar Holdings Ltd is looking to sell 4.84 gigawatts (GW) of solar projects, three people aware of the development said, in a deal that may rank among the country’s biggest green energy transactions.

Cantor Fitzgerald (Hong Kong) Capital Markets Ltd is running the sale process for Acme, which has the largest portfolio of solar assets, the people said on condition of anonymity. The development comes amid revival of deal activity in the green energy space in India, home to the world’s largest clean energy programme.

“Cantor Fitzgerald has been mandated to advise on the sale of a 4.84GWp portfolio of operating and under-construction solar assets in India (Project Wiley),” the sale process documents reviewed by Mint said.

“Portfolio consists of 4.84GW of solar assets spread over 12 states, with 25-year PPAs in place at a 3.55/kWh weighted average tariff,” the sale process documents added.

“At 2.21GWp of operational capacity, and a further 2.63GWp of in-construction capacity, the transaction perimeter represents one of the largest solar positions in India, and provides the opportunity for an acquirer to become a significant player in the market through a single acquisition,” the sale documents said.

“Acme Solar is perhaps the last of entirely promoter-owned large green energy firm left in India of this size,” said a person in the know, seeking anonymity.

“The first phase of the process may be launched on 21 September, with the non-binding offers to be made by 19 October. The binding offer may be made by mid-December,” the second person added.

Queries emailed to Cantor Fitzgerald on 17 September remained unanswered.

“The portfolio is expected to generate ~ 1,600 crore Ebitda in FY21 at a margin of 93%, representing 21% y-o-y growth in Ebitda,” the sale documents said. Ebitda is earnings before interest, tax, depreciation and amortization.

This article was first published on livemint.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.