ACME Solar files for Rs. 2200 Crore IPO

Renewable energy firm, ACME Group has filed a draft proposal with the SEBI to take its solar power arm public and raise Rs. 2200 Crore through an initial public offering (IPO).

ACME Solar is one of the largest solar power producers in India, with a portfolio of operational and under construction projects of total capacity 2,351 megawatt peak or 1,814 megawatt.

The company develops, builds, owns, operates and maintains utility-scale grid-connected solar power projects, and generates revenue by selling electricity to central and state government entities. It aims to develop and operate on-grid solar power projects using the latest photovoltaic technology.

ACME Solar will use the net proceeds to repay and make an advance payment of certain debts, including a loan of Rs 435.69 crore from Piramal Finance and Innovador Traders. The company also aims to repay a loan of Rs 541 crore availed from the promoter entity ACME Cleantech. The company has set aside Rs 869 crore to fund engineering, procurement and construction work for the Bhadla power project in Rajasthan and the remaining amount for meeting expenses towards general corporate purposes.

ICICI Securities, Citigroup Global Markets India and Deutsche Equities India will be managing the IPO.