ACME Joins Hand with IFU and UN’s S3i for 250 MW Solar Project in Rajasthan

ACME signed a shareholders’ agreement with UNOPS S3i and IFU for developing a 250 MW solar power plant located in the Rajasthan state of India.

According to the company, the total value of the project will be equivalent to just under USD 200 million and a quarter of the amount will be financed through equity contributions by the three co-investors.

UNOPS Sustainable Investments in Infrastructure and Innovation (S3i) has made equity investment in renewable energy. The deal supports India’s ambitious renewable targets and will provide clean electricity to half a million families. S3i helps structure deals and invests in sustainable infrastructure, and boosts impactful innovation, aiming to bring the Sustainable Development Goals (SDGs) closer to reality.

Once operational, the solar plant will provide clean electricity to the equivalent of 500,000 households. It is also estimated that the project will create some 225 jobs in the construction phase, and 75 jobs while the plant is in operation.

“This is a historic partnership agreement and we are very excited to have UNOPS S3i and IFU as our partners and co-investors in India for the development of solar projects. ACME will jointly develop world-class solar plants using the experiences of our partners in social impact measurement while optimising operations and energy generation,” Manoj Upadhyay, ACME Group Founder and Chairman, said.

He also said the partnership is a key milestone towards ACME’s vision for developing a portfolio of 25 GW of renewable energy projects which comes in line with India’s plans to achieve 450 GW of renewable energy power by 2030.

Grete Faremo, UN Under-Secretary-General and UNOPS Executive Director, said there is a need for an urgent transition from fossil fuels to renewable energy and that UNOPS was proud to support India”s climate targets and all of the partners in this landmark renewable energy project.

“We are delighted to have had this opportunity to demonstrate our commitment to the government and people of India and show that we care and are willing to take risks while the country is working so hard to combat the devastating COVID-19 pandemic.

“As the world is slowly but surely recovering from this modern plague, building back green is the fastest and most optimal way to a more sustainable future,” Vitaly Vanshelboim, Assistant UN Secretary-General and Chief Executive of Sustainable Investments in Infrastructure and Innovation (S3i), said.

Reik Haahr Müller, Vice President, Climate at IFU, said it is our first investment under the India-Denmark Green Strategic Partnership signed between the Government of India and Denmark in 2020. “We hope this will be a stepping-stone for creating an even stronger green cooperation between India and Denmark, going forward”.