Amplus acquires 100MW of Indian photo voltaic property from ACME Photo voltaic

Amplus has reportedly acquired 100MW of Indian photo voltaic property from ACME Photo voltaic in a deal valued at $109m (Rs8bn).

Mercom India reported that Amplus, the Indian rooftop photo voltaic arm of Malaysian firm Petronas, acquired the property on the Pavagada Photo voltaic Park, within the state of Karnataka. It was commissioned in 2018.

Amplus was acquired by Petronas final 12 months from I Squared Capital, a New York-based funding firm.

Based in 2003, ACME Photo voltaic has a portfolio of 5GW situated throughout varied states in India with a mixture of central and state utilities.

With the most recent photo voltaic asset sale, the corporate has raised roughly $450m (Rs3.3bn) to this point in 2020.

That is reported to be ACME’s second divesture, following the sale of its 400MW solar energy facility in August for $334m. UK-based funding agency Actis Lifelong Infrastructure Fund acquired the photo voltaic property, situated within the states of Andhra Pradesh and Madhya Pradesh.

In Might this 12 months, ACME Solar stopped supplying power at India’s lowest tariff to government-owned Photo voltaic Vitality Company of India.

An organization spokesperson attributed the choice to challenge delays and uncertainty attributable to the Covid-19 pandemic.

In one other growth, Thyssenkrupp Elevator India has partnered with Amplus Photo voltaic for creating an onsite solar energy unit at its facility in Pune, Maharashtra.

Lately, Amplus commissioned an 820kW solar energy plant on the facility, which included 755kW of rooftop photo voltaic and a 65kW carport.

Moreover, Thyssenkrupp signed an influence buy settlement with Amplus for sourcing 820kW solar energy for a interval of 20 years.

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