IDFC Alternatives in talks to invest Rs600 crore in ACME Solar

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The rush of money that the Indian renewable energy sector saw last year has continued into 2016, as investors look to cash in on the opportunity, a stable regulatory environment and the government’s commitment to the global community to fight climate change.In the latest instance of investor interest in the renewable space, IDFC Alternatives, the asset management arm of infrastructure-focused lender IDFC Ltd, is in talks with Delhi-based ACME Solar to invest Rs.600 crore (approx $90 million), according to two people aware of the development.“Talks are in an advanced stage and the deal is expected to close soon,” said one of the persons mentioned above, requesting anonymity.The funding will help ACME complete solar power projects that are under development across various states in India. “The company has a solar power asset portfolio of almost 1.5 gigawatts (GW), of which around 400 megawatts (MW) is currently operational,” said the second person cited above.ACME, according to its website, has solar projects in several states such as Punjab, Andhra Pradesh, Rajasthan and Tamil Nadu. “We are in touch with various investors and we can comment on the development once we close it,” said Manoj Upadhyay, founder and chairman of ACME Solar.An IDFC Alternatives spokesperson declined to comment on the developmentIDFC Alternatives is also in talks to acquire Welspun Renewables’ 1.1 GW of renewable assets for around Rs.10,000 crore, Mint reported in February.Last week, Mint reported that Hero Future Energies Ltd, the renewable energy arm of the Hero Group, is in talks with CDC Group Plc and International Finance Corp. (IFC) to raise $150 million (about Rs.1,000 crore).

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