ACME, Norfund Alliance for Renewable Energy In India

Gurugram headquartered renewable energy player ACME has collaborated with Norfund – the Norwegian investment fund – under which the two companies will invest together in renewable energy projects in India.

Norfund is the manager of Norwegian Climate Investment Fund (NCIF) and it invests in developing countries.

Manoj Upadhyay, Founder and Chairman, ACME Group, said, “I would like to thank Norfund for their commitment to developing renewable energy projects in India with us.” Upadhyay said that ACME and Norfund will eye investments in ‘potential renewable energy’ projects in the country to ensure ecologically sustainable development and creation of ample employment opportunities.

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Incidentally, Norwegian firm SCATEC and Acme had put on hold a $400 million plan to develop a 900 MW project in Rajasthan owing to supply side issues.

Mark Davis, Executive Vice President, Clean Energy, Norfund, mentioned, “Proven track record of ACME of being able to deliver on large-scale renewables makes the company an ideal partner for Norfund in our efforts to contribute to avoiding carbon emission by investing in the energy transition in India. We are looking forward to working closely together in the time to come.”

Earlier this month, independent power producers ReNew Power said that Norfund and KLP will invest around Rs 900 million in partnership with ReNew Power for 49% ownership stake in ReNew’s transmission project in the Koppal district of Karnataka state in a bid to stabilize the grid and transport energy from areas most suitable for solar and wind parks.

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Operational since May 2022, Norfund had also made two previous investments in India – in a large-scale solar park with Enel and in Fourth Partner Energy. In August, 2022, Norfund agreed with Italy-based energy provider Enel to take a 49% stake in its 420 MW solar power plant in Rajasthan.

The fund had recently announced that it would be investing over $60 million in the Indian solar energy player SAEL that would help it to swell its energy portfolio to 3 GW by 2028 that would also include an increase of 200 MW of solar energy.

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