September 11 (Solar) – Indian firm Acme Solar Holdings Pvt Ltd is holding discussions with bankers regarding a plan to raise up to INR 30 billion (USD 414m/EUR 356m) via an infrastructure investment trust (InvIT), its CEO has said.
The company, which has about 2.3 GW of solar capacity across 13 Indian states, intends to put between 600 MW and 800 MW in the InvIT and raise at least INR 25 billion from long-term yield seeking investors, chief executive Nikhil Dhingra told newspaper Mint. ACME Solar could become the first renewable energy producer in India to make such a fundraising move.
The company planned to list on the bourse and in September 2017 filed a Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI). The Business Standard reported in April 2018 that the plan may have been put off.
CEO Dhingra commented for Mint that ACME Solar is still trying to determine whether an IPO is the right move, adding that the firm is also considering raising debt through an overseas and local bond issuance.
(INR 10 = USD 0.138/EUR 0.119)