Acme appoints EY to sell InvIT stake

Acme Group has mandated EY to sell up to A 51% in its proposed infrastructure investment trust (InvIT) for around $1.3 billion (around ₹10,800 crore), two people aware of the development said, in what may rank among the largest green energy deals in India.

- Utpal Bhaskar

The Acme Solar InvIT will be privately listed and will be sponsored by India's largest pure-play solar platform Acme and incoming investors. The InvIT will house 1.8 gigawatts (GW) of operating solar assets. InvITs manage income-generating infrastructure assets, typically offering investors a regular yield and a liquid method of investing in infrastructure projects.

"Initial conversations are ongoing with select investors," said one of the two people cited above, requesting anonymity.

Investors have been eyeing the InvIT route, with KKR & Co.-backed India Grid Trust (IndiGrid) being the country's first listed power sector InvIT.

An EY spokesperson declined comment while queries emailed to the spokesperson of Acme Group remained unanswered till press time.