Petronas’ Indian Arm Acquires 100 MW of Solar Assets from ACME at ₹8 Billion

The project is located in Karnataka's Pavagada Solar Park


Amplus, the Indian arm of Petronas (Petroliam Nasional Bhd), a Malaysian government-owned oil and gas company, has acquired 100 MW of solar assets from ACME Solar. The deal was valued at ₹8 billion (~$109 million), an executive privy to the development told Mercom.

This 100 MW project, located in Karnataka’s Pavagada Solar Park, was developed under the National Solar Mission (Phase-2 Batch-2). Commissioned in 2018, the project comes with a tariff of ₹4.79 ($0.065)/kWh.

It is ACME Solar’s second asset sale to date. In August, the company sold 400 MW of solar assets to U.K.-based investor Actis in a deal estimated at around ₹25 billion (~$334 million). Projects acquired by Actis Lifelong Infrastructure Fund are located in Andhra Pradesh and Madhya Pradesh.

With the completion of this deal, ACME would have raised close to ₹33 billion ($450 million) this year through the sale of solar assets. According to Mercom’s India Solar Project Tracker, ACME has around 2.1 GW of large-scale solar projects in operation, and another 1.75 GW in the development pipeline.

Amplus manages a 650 MW of green energy generation asset base, including operational and under-construction capacities. It also undertakes renewable power generation projects on behalf of its clients.

Headquartered in Singapore, Amplus was acquired by Petronas last year from its New York-based investor; I Squared Capital.

The company currently holds a portfolio of 200 commercial and industrial customers, including Yamaha, Cisco, Reckitt Benckiser, Schlumberger, Carlsberg, ABB, TVS, and government entities like the Indian Railways and Delhi Metro.

Mecom Capital Group’s Q2 2020 Solar Funding and M&A Report shows that in the first half of 2020, 14.7 GW of solar projects got acquired. Oil and gas majors were the major acquirers of solar assets and accounted for about 6.5 GW (45%) of acquisitions during the first half of the year.


Image credit: Amplus Solar