ACME Solar Holdings Limited has successfully raised INR 2,800 crore through a Qualified Institutional Placement (QIP), marking its first equity fundraising exercise since the company was listed on the stock exchange in 2024. The capital raise received strong participation from a wide range of domestic and international institutional investors, highlighting market confidence in the company’s growth plans and operational performance.
The QIP attracted investments from some of India’s leading mutual funds, including SBI Mutual Fund, Nippon India Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, and Kotak Mutual Fund. Major insurance companies such as SBI Life Insurance and ICICI Prudential Life Insurance also participated in the fundraising. In addition, several globally recognized investment institutions joined the issue, including BlackRock, Amundi, Goldman Sachs, Abu Dhabi Investment Authority, and Pictet.
According to ACME Solar, the strong response from investors reflects confidence in the company’s ability to execute projects efficiently and expand its renewable energy portfolio. The company stated that its visible growth pipeline and long-term business strategy have contributed to attracting interest from both domestic and global investors.
The proceeds from the QIP will primarily be used to reduce the company’s existing corporate debt and strengthen its balance sheet. By lowering leverage levels, ACME Solar aims to improve its financial position and support future growth opportunities in India’s rapidly expanding renewable energy sector.
The transaction was managed by ICICI Securities Limited and IIFL Capital Services Limited, which acted as the book-running lead managers for the issue. Legal advisory services were provided by Shardul Amarchand Mangaldas & Co for ACME Solar. Meanwhile, Cyril Amarchand Mangaldas and Hogan Lovells served as legal counsel to the lead managers.
ACME Solar is one of India’s prominent renewable energy companies with an aggregated contracted capacity of 8,070 MW. The company operates as an integrated renewable energy player, undertaking the development, construction, ownership, operation, and maintenance of utility-scale renewable energy projects across the country.
The company follows an integrated business model supported by its in-house engineering, procurement, construction, and operations teams. ACME Solar generates long-term and stable revenues through fixed-tariff power purchase agreements signed with central and state government-backed entities.
The company formally disclosed the fundraising update through a submission signed by Rajesh Sodhi, Company Secretary and Compliance Officer, reaffirming its commitment to financial strengthening and future growth in the renewable energy sector.
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