ACME Solar to sell 50% stake in 900 Mw solar plant to Norway's Scatec

Scatec enters in partnership, ACME had quoted record low tariff of Rs 2.44 a unit for the project

Norwegian renewable major Scatec has entered an agreement with Gurgaon-based ACME Solar to pick up a 50 per cent stake in the latter's 900-Mw solar power plant in Rajasthan. ACME had won this project at a record low tariff of Rs 2.44 per unit in 2018.

In a public statement, Scatec said it has entered a partnership with ACME, to realise a 900-Mw solar power plant in the state of Rajasthan, India. The project holds a 25-year PPA with Solar Energy Corporation of India (SECI).

“The country is targeting a significant growth in renewable energy capacity by 2030 and is a key growth market for renewables. We have already established a presence on the ground and are positioning for future tenders within solar, wind and hybrids”, said Raymond Carlsen, CEO of Scatec.

The project has an estimated total capex of USD 400 million, with 75 per cent debt financing from an Indian state-owned lender. Scatec will hold a 50 per cent economic interest in the project, while ACME will retain 50%. ACME will be the turn-key EPC (Engineering, Procurement and Construction) provider for the project, Scatec said in the statement.

ACME last year in May had applied for cancellation of PPA for a portion of the same project, citing pandemic as the reason for cancellation of agreement with SECI.