Acme Cleantech Solution Sold 600 Megawatts to Actis

- Advertisement -
  • Actis won the solar power auction done by Acme Cleantech Solutions
  • Acme in dept of US$95 million
  • Brookfield failed to outbid Actis in auctions

Acme Cleantech Solutions, one of the largest solar power companies in India, has sold 600 megawatts of its solar power capacity to Actis. According to sources, Acme has been struggling financially for a few months and struggle has been aggravated by the delay in timely payments by power retailers. This transaction has come at a time when developers across the country are struggling with financial liquidity and preventing themselves from large-scale auctions.

Actis already owns another renewable energy platform in India called Sprng Energy. The company has a 1.7 gigawatts of existing solar and wind energy capacity. another major investor in Indian renewable energy market known as Brookfield, had also expressed interest in Acme but failed to outbid Actis.

Acme in dept of Rs 7 billion

According to government data, power retailers of Acme owe Rs 800 billion (US$10.8 billion) to power generation companies across the country. Hence, the company has stayed away from all solar power auctions for the last several months. Since the last project of the comapny had secured 600 megawatts at record-low tariff of Rs 2.44/kWh (US¢3.31/kWh), observers had questioned about the financial viability of the low bid. Acme has been struggling to raise funds since then.

- Advertisement -

Just like a other developers in India, Acme has managed to offload some assets to foreign assets to raise critical funds. Also, the company is required to make a payment of Rs 7 billion (US$95 million) against a debt it had raised.

Adani Green Energy sold stakes to Total

Another major renewable energy company in India, Adani Green Energy sold its entire 2.1 gigawatts of operational solar portfolio to a French energy giant Total. However, Total also has a presence in India via another name known as ‘Eden Renewables’ (a joint venture with EDF Renewables). Eden seems to be a solar power giant as it owns 200 megawatts of operational and 700 megawatts of under-construction solar power capacity.

- Advertisement -

Most Popular Articles

Mitul Shah Joins Google To Lead Pixel Expansion

0
Eyeing Pixel's growth and manufacturing in India, there was a new appointment at Google recently. Mitul Shah, ex-Apple India sales leader joined to lead...
US Chip Manufacturing

US Commerce Department To Grant $60Mn Awards To BAE Systems And Rocket Labs

0
Secretary Gina Raimondo stated that under Biden's CHIPS Act, they would like to finalize as many awards as possible before President Trump begins his...
Chip Design in India

Kaynes Semicon, 7 Rays Semiconductors Inks Pact To Enhance Chip Design And Packaging

0
The partnership will deliver cutting-edge custom system-on-chip design solutions tailored to emerging technologies in various sectors. Kaynes Semicon and 7 Rays Semiconductors are thrilled to...

Hesai To Cut Lidar Prices By Half, Expects Broad Electric Car Adoption

0
David Li, the Chief Executive, stated in an interview that the industry is advancing to a phase where millions of cars sold each year...

Sateliot, Eseye Join Forces For Global IoT Connectivity Solutions

0
Partnering to ensure seamless coverage in even the most remote locations utilising 3GPP Rel.17 standard, Eseye and Sateliot are set to revolutionise global IoT...
Andy C Mackie, Principal Engineer - Advanced Materials, Indium Corporation

“Our Multi-Alloy System Enables Solder Joints To Form At Lower Processing Temperatures Without Sacrificing...

0
Liquid metal-based thermal solutions offer efficient cooling but face challenges like spillage and thermal resistance in ultra-thin layers. Akanksha Sondhi Gaur and Nijhum Rudra...
S.K. Yadav of RIGOL Technologies

“Our India Business Is $2 Million, With A Goal To Reach $6 Million” –...

0
In a chat with EFY’s Nitisha, S.K. Yadav of RIGOL Technologies highlights the company’s journey in India, shedding light on its growth prospects and...
Bejoy George, Managing Director- Chipmax Designs Private Limited,

“We Are Advancing R&D Projects To Develop Modular Assembly Lines With Adaptive Robotics” –...

0
How do you envision technological progressions influencing the future of manufacturing operations? Get informed from Electronics for You’s Akanksha while in dialogue with Bejoy...
Srinivas Parikshith, Co-founder of Auckam Technologies

“We Anticipate Turnover Reaching 40 Million Rupees Next Year With The New Product Line”...

0
Discussing the electronics manufacturing sector, Srinivas Parikshith, Co-founder of Auckam Technologies, talked to EFY’s Nitisha Dubey about their expansion plans to set up a...

“We Bring Intelligence Early On Into The Design Cycle” – Michel Van Cotthem VP...

0
With a solution embedding intelligence early in the design-to-source lifecycle, Supplyframe aims to leverage India’s electronics manufacturing boom. At IEW 2024, Michel Van Cotthem...

HKTDC Electronics Fair Sparks Innovation, 60,000+ Participants!

0
Showcasing cutting-edge tech, global innovation, and booming markets for the future of electronics, HKTDC’s Hong Kong Electronics Fair and electronicAsia drew 60,000+ professionals. Last month,...
Applied Materials Representational Image

Applied Materials Selects Six Startups For Deep-Tech Accelerator Programme

0
The selected deep-tech startups will be evaluated for investment by Applied Ventures and potential collaboration opportunities with Applied Materials. In collaboration with the company's India...

Space tech Startup Akash Secures $68M CHIPS Funding

0
Eyeing to power into AI, EVs, and more high-tech industries, Akash Systems lands $68 million CHIPS grant to boost its cooling tech facility, generating...

Wireless Light-Based Communication With Velmenni’s Technology

0
Velmenni is at the forefront of wireless communication innovation with its pioneering light-based technologies, Li-Fi and LC Link. Founded by Deepak Solanki in October 2014...

Harnessing AI Technology For Efficient Pest Management

0
AI-Genix, an agri-tech startup, is transforming pest management for farmers through advanced AI-enabled systems that precisely target harmful pests. In an industry where pesticides and...

Industry's Buzz

Learn From Leaders

Startups