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Acme Solar raises $334 million through green bonds

Norwegian renewables player Scatec has also agreed to buy 50% stake in Acme’s upcoming 900 MW generation assets in the same state. (Representative image)

Acme Solar has raised $334 million through offshore green bonds with a tenure of five years and a coupon rate of 4.7%, the company said on Friday. The money will be utilised in 12 projects being developed by the company.

Acme Solar’s current portfolio stands at 4,800 megawatt (MW), of which 2,200 MW are operating and the remaining are under construction.

The company recently announced a partnership with global renewable asset owner Brookfield Renewable to develop 450 MW solar power generation assets in Rajasthan. Acme has also signed an agreement with Danish investment firm IFU and the United Nations’ operational arm UNOPS S3i to develop 250 MW solar power plants in Rajasthan. Norwegian renewables player Scatec has also agreed to buy 50% stake in Acme’s upcoming 900 MW generation assets in the same state.

“We have always been supported well by our Indian lenders and we are very happy to receive encouraging support from international investors as well,” Manoj K Upadhyay, chairman of the ACME Group said. With environmental, social and corporate governance-based investing globally gaining momentum, analysts at Moody’s expect green bonds worth $200 billion to be issued globally in 2021.

As FE reported earlier, Acme Solar has withdrawn its petition for the termination of power purchase agreements (PPAs) signed with the Solar Energy Corporation of India for solar projects scheduled to sell electricity at Rs 2.44/unit — the lowest solar tariff discovered in 2018 auctions. The company wanted to cancel the PPAs in May 2020 because of force majeure events such as the impact of the coronavirus outbreak, land acquisition-related issues and delay in building associated transmission network.

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