Petronas' Indian arm buys 100 megawatts of assets worth Rs 800 crore from Acme Solar

Malaysia’s state-run oil and gas company, Petroliam Nasional Bhd (Petronas) has acquired about 100 MW solar assets owned by Acme Solar. The assets located in Karnataka, was acquired at an enterprise value of Rs 800 crore.

Petronas has acquired the assets through its Indian unit- Amplus Energy Solutions.

Last month, the UK-based fund Actis closed its acquisition of 400 MW assets from Acme for an enterprise value of Rs.2500 crore.

With the sale of 100 MW assets, Acme has raised about Rs.3300 crore this year through assets sale.

Acme, established in 2003 by Manoj Kumar Upadhyay, is one of the largest solar IPPs in India with a diversified portfolio of 5GW spread across multiple states and with a mix of central and state utilities.

Amplus Energy Solutions, leading rooftop solar power producer, was acquired by Petronas last year from New York-based investor I Squared Capital.

Amplus Solar, which offers clean energy to its clients by setting up both on-site solar projects (rooftop and ground-mounted) and off-site solar farms, holds and bring about a portfolio of 650 MW of operational and under construction distributed solar assets across India.

Amplus has a portfolio of about 180 commercial and industrial customers including Yamaha, Cisco, Reckitt Benckiser, Shlumberger, Carlsberg, ABB, TVS, and Government entities such as Indian Railways, Delhi Metro, CPWD and HAL.

In the last five years, overall renewable capacity in India has doubled from 32GW to 84GW driven by solar and wind. Energy demand is set to increase by 6-7% per annum.

As of 31st March 2020, 35.86% of India's installed electricity generation capacity is from renewable sources, generating 21.22% of total utility electricity in the country.

India has a target of having 450 GW of renewable energy by 2030.

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