ACME Energy to raise $50 mn from IFC for solar projects

Funds will be used develop a 25 MW solar plant in Madhya Pradesh

Acme Energy is set to raise around $50 million  (Rs 270 crore) from the International Finance Corporation (IFC) for solar projects.

The projects involve a multi-level engagement and partnership with Acme Solar Energy Private Limited (ACME Solar), a holding company of ACME Tele Power, to develop, construct and operate solar generation assets in India.

The money will be used over the next few years for various projects that ACME Solar is developing. The first tranche of this financing is expected to be provided to ACME Solar Energy (Madhya Pradesh) Private Limited (ASEMPPL), a subsidiary of ACME Solar, to develop a 25 Mw solar plant in Madhya Pradesh.

ASEMPPL has entered into a 25-year power purchase agreement (PPA) with MP Power Management Company and is estimated to supply 50 GWh per year. The deadline for commissioning is November 2013. Other projects that ACME Solar is developing, which the IFC may consider for financing under the facility, include projects in Odisha and Andhra Pradesh.

Over the last two years, Acme Solar has developed a 15Mw photovoltaic plant in Gujarat and a 2.5 Mw solar thermal plant in Rajasthan.

By April 2013, it is expected to be held 50 per cent by Acme Cleantech Solutions Private Limited, 25 per cent each by French renewable energy corporation EDF Energies Nouvelles and Société Internationale d’Investissements Financiers ENR.

ACME Tele Power Ltd is a provider of energy conservation and energy management solutions to telecom operators.