ACME Cleantech raises Rs500 crore from Piramal Enterprises Ltd: Report

ACME Cleantech Solutions Pvt. Ltd has reportedly raised Rs500 crore from Piramal Enterprises Ltd. According to Live Mint the investment in ACME was done by Piramal Enterprises’s Structured Finance Group.

Speaking to the publication Nikhil Dhingra, group director for finance, ACME said “The funds are being used for funding the working capital requirements of the group.”

The company is also planning to use part of the fund towards a buyout of ACME’S foreign partners. Early this year in October EDF Energies Nouvelles, a French renewable energy group has called off its collaboration with ACME Cleantech Solutions, over differences in strategy- marking an end to its first venture into the Indian solar energy.

ACME has an existing portfolio of over 1.5 GW Solar PV Projects including 15 MW in Gujarat, 25 MW in Madhya Pradesh, 25 MW in Odisha, 30 MW in Chhattisgarh, 310 MW in Andhra Pradesh, 490 MW in Telangana, 140 MW in Haryana, 104 MW in Punjab, 50 MW in Uttarakhand, 30 MW in Uttar Pradesh, 25 MW in Bihar, 50 MW in Jharkhand and 260 MW in Karnataka. The company aims to generate 7500 MW by the year 2019.