Acme aims to raise $300 mn equity in push for green H₂

The company is likely to use fresh funding for the new power projects it is looking to bid for

- Sneha Shah & Rituraj Baruah

Gurugram-based renewable energy firm Acme Group is looking to raise $300 million in fresh equity, as it aims to secure funds to bid for new power projects, three people with knowledge of the development said.

The company that recently sold 450-550 MW of power assets for $180-200 million to BluPine, an Actis PE-backed renewable energy platform, is in the process of appointing investment bankers for its equity funding, said one of the persons cited above on the condition of anonymity, as the discussions are private.

"It is fairly early stage, and the company is looking at a PE (private equity) fund-raise opportunistically. They are likely to reach out to global PE funds, sovereign wealth funds and infrastructure funds," the second person cited above said. According to him, the company is looking at long-term partners.

"This capital will be raised at the holding company level," the person added. "It will help the firm bid for incremental projects under the green hydrogen push."