Acme group to take InvIT route to raise capital

Delhi-based ACME Group (solar energy and telecom solution company) is planning to raise capital through infrastructure investment trust (InvIT) listing. The company will list its solar assets to fetch capital. 

The rising popularity of InvITs has compelled the company to change its plan for fundraising.  Previously they fetched funds from the market through initial public offering (IPO). 

For the first time, a renewable company will enter the market to raise funds. The company might launch its issue in FY18 by providing an exit to its existing investors. Industry insiders anticipate that they will try to accumulate over $200 million through an equity stake sale process. 

Last year in November ACME Cleantech raised Rs 500 crore (in the form of structured debt) from Piramal Structured Finance Group (SFG).And in 2013, capital raised by the company from French firm EDF Energies Nouvelle and Luxembourg-based EREN Renewable Energy

Currently, the company has a solar capacity of about 1.5 GW and they are also making a plan for adding 700 MW by this year. And by 2019 they want to build a portfolio of 7.5GW.

The company’s solar power projects are in Telangana, Andhra Pradesh, Punjab, Gujarat, Madhya Pradesh, Odisha, Bihar, Uttar Pradesh and Chhattisgarh.