ACME’s multi-billion-dollar plans are hitting its prospects. Can it spring a surprise?
Four years ago, solar energy producer ACME Group was facing an existential crisis of sorts. But last year, it announced three projects in a new vertical that could cost over $15 billion and could again put its financial position in jeopardy. Consider this: In March 2022, ACME announced an equal joint venture with Norwegian renewable energy company Scatec to set up a green ......
Former Juniper Green, Orange Renewable execs’ firm eyes maiden PE cheque
Sirius Renewable Power Pvt Ltd (SRPPL), founded by renewable energy veterans formerly associated with Juniper Green Energy and Orange Renewable, is in talks to raise its maiden institutional funding round, at least two people familiar with the development told VCCircle. The Gurugram-based renewable energy developer, which focuses on developing and operating ......
ACME loses JV partner for multi-billion-dollar project in Middle East
Indian renewable energy producer ACME Group’s plan to set up a multi-billion-dollar green ammonia project in the Middle East has run into rough weather after its joint venture partner decided to pull out, VCCircle has gathered. ACME, led by founder and chairman Manoj K Upadhyay, had in March 2022 agreed to form ......
Rothschild appointed to raise $500 mn equity for ACME project
India’s largest pure-play solar platform, the ACME Group, has given a formal mandate to Rothschild and Co. to raise $500 million equity by selling a stake in ACME Cleantech Solutions Pvt. Ltd, said two people in the know. The funds will be raised for the large green hydrogen and green ammonia ......
Can ACME Cleantech squeeze past policy and payment woes to avoid liquidity concerns?
Solar power developer ACME group is battling policy flip-flops, low tariffs and a payments backlog that have strained cash flow and heightened concerns about its financial position. In the latest sign of woes for Gurugram-based ACME Cleantech Solutions Pvt. Ltd, CARE Ratings Ltd changed its outlook for two of its projects ......
Why Malaysia’s Petronas paid a premium to buy Acme Solar’s assets
Malaysian state-run oil giant Petronas has acquired two solar power plants from Acme Solar Holdings Ltd, paying a higher valuation for the assets than other recent deals in India as it expands its renewable energy business. Petronas, via unit Amplus Energy Solutions, bought the power plants in a deal valued at ......
PAG ropes in fourth co-investor for big-ticket India deal
Asia-Pacific-focused private equity firm PAG, which manages more than $3 billion in assets in India, has brought on board a new co-investor for a big-ticket control-oriented transaction that it sealed earlier this year. The PE firm, whose India portfolio includes Nuvama Wealth Management, Sekhmet Pharmaventures and Acme Formulation, has roped in ......
ACME Group shortlists bankers for IPO
Delhi-based renewable energy and telecom solutions company ACME Group has started hiring investment banks to take the company public, two people close to the development told VCCircle.The company had been looking to raise money via an infrastructure investment trust (InvIT) but is now exploring an initial public offering as recent ......
Tata Power weighs listing Mubadala, BlackRock-backed green energy unit
Tata Power Company Ltd is mulling taking its green energy arm public, as it looks to join the growing ranks of Indian renewable energy companies that have either already gone public or are planning to float initial public offerings. Mumbai-listed Tata Power has been engaged in preparations for the listing of ......
Public investors not interested in funding tech firms’ losses: Nuvama's Satyen Shah
Nuvama Group, formerly Edelweiss Wealth Management, is one of India's top homegrown financial services providers. Controlled by Asia-focused private equity firm PAG, the group's services include investment banking, wealth management and asset management. The group’s investment banking business is led by Satyen Shah, who has more than two decades of experience ......
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