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Acme Solar NSM.

Region : South Asia

Company name : ACME Solar

Sector : V-BF - Solar - Renewable Energy Generation

Department : Gbl Infrastructure & Natural Resources

Environmental category : B

Status : Pending Signing

Date SPI disclosed : September 19, 2014

Projected board date : November 7, 2014

Last Updated Date : September 19, 2014

Project Description : The Project involves the development of a 100 MW solar power plant in the low income state of Rajasthan by Acme Solar Energy Private Limited ( ASEPL , Acme Solar , or the Sponsor ), an existing IFC client through its five wholly owned subsidiaries, Ranji Solar Energy Private Limited, Acme Gurgaon Power Private Limited, Acme Rajdhani Power Private Limited, Acme Mumbai Power Private Limited and Medha Energy Private Limited (the Project Companies ).

The Project is the second and final tranche of the overall envelope for debt funding in the amount of US$50 million which IFC had provided to Acme Solar to be used for various projects that ACME Solar is developing (Project #32497). The first tranche of the financing was provided to ACME Solar Energy (Madhya Pradesh) Private Limited ( ASEMPPL ), a subsidiary of ACME Solar established to develop a 25 MW grid connected solar power plant (Project #34163)

ASEPL has a successful track record of implementing solar power projects in India. It has commissioned a 25 MW solar power plant in Madhya Pradesh and is developing a 25 MW solar power plant in Odisha.

The project is expected to be commissioned by April 28, 2015. The off taker for the Project will be Solar Energy Corporation of India, a government of India entity. The Company plans to sign the Engineering, Procurement and Construction ( EPC ) and Operations and Maintenance (O&M ) agreements for the Project with Acme Cleantech Solutions Limited and ASEPL respectively.

Project Sponsor and Major Shareholders of Project Company :

Acme Solar Energy Private Limited ( ASEPL or Acme Solar ) is the Sponsor for this Project. Acme Solar is an independent power producer which builds owns and operates solar power plants in India. Acme Solar s shareholders as on Sep 15, 2014 are as follows: a) Acme Cleantech Solution Limited (32.16%), MKU Holdings Private Limited (17.84%), EDF Energies Nouvelles (26.00%) and EREN S.A (24.00%).

Acme Cleantech Solutions and MKU Holdings are part of the ACME Group which was founded by Mr. Manoj Upadhyay in 2003. The ACME Group is a leader in the field of energy, environmental and telecommunications infrastructure solutions in India. ACME Group has presence in over 15 countries, 2,000 employees and an installed base of more than 150,000 telecom towers globally. It has many registered patents for energy conservation products and manufacturing capabilities in India.

EDF Energies Nouvelles is a market leader in green electricity production, with a portfolio of 6,611 MW of gross installed capacity focused for the most part on wind (onshore and offshore) and solar pho

country :India

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Publication:Mena Report
Geographic Code:9INDI
Date:Sep 20, 2014
Words:485
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