DFC Alternatives fund may buy 275MW solar assets from ACME

ACME Solar will sell about 275 megawatts (MW) of its operational solar assets to an infrastructure fund of asset manager IDFC Alternatives, two people with direct knowledge of the deal said.

The deal is likely to close in the next two months, the people said.

“The deal will close in stages as IDFC Alternatives will need separate approvals from the lenders of the various assets and other approvals as per the power purchase agreements (PPAs),” said one of the people cited above asking not to be named as the discussions are private.

Mint could not ascertain the valuation at which the deal would be struck.

IDFC Alternatives declined to comment specifically on a possible deal with ACME.

“We are looking at buying a chunk of capacity in the solar sector. We are in advance discussions to buy 200-300MW of solar capacity. We will look for acquisitions and then form an operating company in renewables. I cannot disclose specific details,” said M.K. Sinha, managing partner and chief executive, IDFC Alternatives.

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