M&A
Norway's renewable player Scatec buys 50% stake in Acme Solar's 900 MW Rajasthan project
Publicly listed Norwegian renewable player Scatec has entered into a partnership with Gurugram-based solar developer ACME, to develop a 900 MW solar power plant in Rajasthan. The project holds a 25-year PPA (power purchase agreement) with Solar Energy Corporation of India (SECI), secured in a tender in 2018. The project has an estimated total capex of USD 400 million, with 75% debt financing from public sector lenders. Oslo-based Scatec will hold a 50% economic interest in the project, while ACME, the turn-key EPC (Engineering, Procurement and Construction) provider for the project, will retain 50%. The annual production from the plant is expected to be 1,600 GW. Scatec will ensure delivery according to international standards, HSSE and E&S, as well as optimisation of engineering, procurement and operations of the plants.
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