Gurgaon-based renewable energy independent power producer Acme Solar Holdings has executed a share purchase agreement (SPA) to acquire 100% equity shares of AK Renewable Infra for an enterprise value of ₹792.5 million (~$9 million).

Jaipur-based AK Renewable Infra has secured all development rights, including land, connectivity, and associated approvals, for a 300 MW solar project in Rajasthan.

The acquisition will be subject to the SPA’s closing conditions and adjustments.

AK Renewable Infra will become a subsidiary of ACME Solar Holdings after the acquisition.

ACME Solar said this acquisition will help enhance its project pipeline and accelerate project execution and commissioning.

Incorporated in 2021, AK Renewable Infra develops renewable energy parks in India.

In a regulatory filing, ACME Solar stated that the acquisition is not a related-party transaction, and the promoter/promoter group/group companies do not have any interest in AK Renewable Infra.

ACME Solar Holdings was one of the top utility-scale solar project developers in India for 2024, according to Mercom’s India Solar Market Leaderboard 2025. Its yearly capacity additions comprised 11.5% of the country’s total, coming third behind Adani Green Energy with 17.6% and ReNew with 12%. Its high ranking was driven by 1.2 GW in installations in Jaisalmer, Rajasthan.

In August this year, ACME Solar Holdings’ board of directors approved a plan to raise ₹30 billion (~$342.23 million) in one or more tranches by issuing equity shares or other equity-linked instruments and securities.

In the same month, ACME Solar Holding’s wholly owned subsidiary, ACME Hybrid Urja, secured long-term project financing of ₹31.84 billion (~$363.72 million) from REC to develop a 280 MW firm and dispatchable renewable energy project.

In June, ACME Solar Holdings secured a domestic project finance facility totaling ₹10.72 billion (~$128.38 million) for its wholly-owned subsidiary, ACME Aklera Power Technology. This facility will be used to refinance the debt associated with the company’s 250 MW operational solar project in Rajasthan.