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Petronas to acquire assets of Acme Solar

Wednesday, 27 May 2020
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Malaysia’s state-run oil and gas company, Petroliam Nasional Bhd (Petronas), is in talks to buy about 100 MW of solar assets from India’s Acme Solar. The assets located in Karnataka will be valued at Rs 450 crore-Rs 500 crore.

In February 2020, Acme Solar had sold about 600 MW assets to UK-based private equity fund Actis for Rs 3,000 crore. Petronas is likely to acquire the assets through its Indian unit, Amplus Energy Solutions. One of the largest solar power developers in India, Acme Solar has a portfolio of 5.5 GW with an operational capacity of 2.9 GW and 2.6 GW projects under different stages of development.

Petronas had acquired Amplus in April 2019 from New York-based I Squared Capital. The company, which provides clean energy to its clients by setting up both on-site solar projects (rooftop and ground-mounted) and off-site solar farms, owns and manages a portfolio of 650 MW of operational and under-construction solar assets in India.

Petronas was among the contenders for acquiring 20 percent stake in Hero Future Energies - -the renewable energy arm of the Hero Group.

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