Acme partners with Norfound to invest in renewable energy projects

Norwegian investment fund Norfund and India's Acme Group have entered into a partnership to invest in the creation of brand new, greenfield renewable energy projects in India. Both partners concluded a framework agreement for co-investments.

The Norwegian government owns the Norwegian Investment Fund for Developing Countries, which largely invests in the clean energy industry. It makes investments in debt and/or shares, always in a lower financial position than its partners. Acme Group, one of India's top renewable energy developers, has projects in 12 states.

Manoj Upadhyay, founder and chairman of Acme Group, said: "Both partners will invest in potential projects in the renewable sector that would help the country achieve sustainable development and create jobs."

Mark Davis, executive vice president-Clean Energy, Norfund, stated: "ACME's proven track record of being able to deliver large-scale renewables makes the company an ideal partner for Norfund in our efforts to contribute to avoiding carbon emissions by investing in the energy transition in India."

Recent equity investments by Norfund of INR 500 crore ($61.3 million) were made in Punjab-based SAEL, which has created biomass power generation as an alternative to stubble burning. It has also acquired a 49% share in a 420 MW DC (300 MW AC) solar facility being constructed in India along with Norwegian pension fund KLP. This solar power facility is being built in Rajasthan's Bikaner District by the Italian company Enel Green Power.