Tata Power weighs listing Mubadala, BlackRock-backed green energy unit
Tata Power Company Ltd is mulling taking its green energy arm public, as it looks to join the growing ranks of Indian renewable energy companies that have either already gone public or are planning to float initial public offerings. Mumbai-listed Tata Power has been engaged in preparations for the listing of ......
Public investors not interested in funding tech firms’ losses: Nuvama's Satyen Shah
Nuvama Group, formerly Edelweiss Wealth Management, is one of India's top homegrown financial services providers. Controlled by Asia-focused private equity firm PAG, the group's services include investment banking, wealth management and asset management. The group’s investment banking business is led by Satyen Shah, who has more than two decades of experience ......
ACME’s multi-billion-dollar plans are hitting its prospects. Can it spring a surprise?
Four years ago, solar energy producer ACME Group was facing an existential crisis of sorts. But last year, it announced three projects in a new vertical that could cost over $15 billion and could again put its financial position in jeopardy. Consider this: In March 2022, ACME announced an equal joint venture with Norwegian renewable energy company Scatec to set up a green ......
ACME loses JV partner for multi-billion-dollar project in Middle East
Indian renewable energy producer ACME Group’s plan to set up a multi-billion-dollar green ammonia project in the Middle East has run into rough weather after its joint venture partner decided to pull out, VCCircle has gathered. ACME, led by founder and chairman Manoj K Upadhyay, had in March 2022 agreed to form ......
Rayzon Solar plans to go public as IPO boom draws renewable energy firms
Surat, Gujarat-based solar panel manufacturer Rayzon Solar could soon move to float an initial public offering (IPO), joining a growing number of renewable energy companies tapping the capital markets. The company is looking to file its draft papers with the capital markets regulator Securities and Exchange Board of India in coming ......
Rothschild appointed to raise $500 mn equity for ACME project
India’s largest pure-play solar platform, the ACME Group, has given a formal mandate to Rothschild and Co. to raise $500 million equity by selling a stake in ACME Cleantech Solutions Pvt. Ltd, said two people in the know. The funds will be raised for the large green hydrogen and green ammonia ......
Actis-owned BluPine looks to lift investment target in growth drive
BluPine Energy, the Indian renewable energy platform of private equity firm Actis, could upscale its originally stated investment plans as it looks to move towards its target of 4GW installed capacity over the next four-five years, a person with direct knowledge of the matter told VCCircle. The company could raise its investment target ......
Can ACME Cleantech squeeze past policy and payment woes to avoid liquidity concerns?
Solar power developer ACME group is battling policy flip-flops, low tariffs and a payments backlog that have strained cash flow and heightened concerns about its financial position. In the latest sign of woes for Gurugram-based ACME Cleantech Solutions Pvt. Ltd, CARE Ratings Ltd changed its outlook for two of its projects ......
Why Malaysia’s Petronas paid a premium to buy Acme Solar’s assets
Malaysian state-run oil giant Petronas has acquired two solar power plants from Acme Solar Holdings Ltd, paying a higher valuation for the assets than other recent deals in India as it expands its renewable energy business. Petronas, via unit Amplus Energy Solutions, bought the power plants in a deal valued at ......
Bottomline: NIIF-controlled Ayana loses momentum as revenue growth slows, profit slumps
The financial year 2023-24 was not a particularly fruitful one for green energy company Ayana Renewable Power Pvt Ltd as it recorded a decline in its net profit and a slowdown in revenue growth. Ayana, which is 51% owned by the Indian government-backed National Investment and Infrastructure Fund (NIIF) and counts ......
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