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of India (SECI) secured in a tender in 2018.
“We are excited to partner with ACME, a leading solar power developer, on our
first project in India. The country is targeting a significant growth in
renewable energy capacity by 2030 and is a key growth market for renewables. We
have already established presence on the ground and are positioning for future
tenders within solar, wind and hybrids”, says Raymond Carlsen, CEO of Scatec.
“We are very happy to have Scatec as our partner in India and look forward to
build a much larger portfolio of renewable energy projects with this
partnership. This partnership is a testimony of the robust growth potential
India offers with a plan to achieve 450 GW of renewable energy power by 2030,
enabling policies, ease of doing business and support by government of India to
investors and renewable companies globally. ACME brings value of local
expertise, indigenous and cutting-edge technology to execute large scale
projects at affordable prices”, said Mr Manoj Kumar Upadhyay Founder and
Chairman of ACME group.
The project has an estimated total capex of USD 400 million, with 75% debt
financing from an Indian state-owned lender. Scatec will hold a 50% economic
interest in the project, while ACME will retain 50%. ACME will be the turn-key
EPC (Engineering, Procurement and Construction) provider for the project. Scatec
will ensure delivery according to international standards, HSSE and E&S, as well
as optimisation of engineering, procurement and operations of the plants. The
annual production from the plant is expected to be 1,600 GWh.
“Scatec targets 15 GW capacity by the end of 2025 and expects India to be a key
market in the years to come. This transaction is an important milestone to
position Scatec for future growth in the Indian market. We see opportunities to
offer various large-scale solutions across technologies in India, both based on
federal and state tenders, as well as through entering into direct PPAs with
corporate off-takers. Our proven track record from renewables in emerging
markets and solid partnerships will support our entry into the Indian market”,
says Carlsen.
Construction is expected to start in 2021 with scheduled completion in 2022.
About Scatec
Scatec is a leading renewable power producer, delivering affordable and clean
energy worldwide. As a long- term player, Scatec develops, builds, owns and
operates solar, wind and hydro power plants and storage solutions. Scatec has
more than 3.5 GW in operation and under construction on four continents and more
than 500 employees. The company is targeting 15 GW capacity in operation or
under construction by the end of 2025. Scatec is headquartered in Oslo, Norway
and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn
more, visit www.scatec.com
(https://www.globenewswire.com/Tracker?data=7SalG1FIFFW0TsGpvRbLy5oZR7B-EOxe2e-
j7JaD7RNgZyV04mKbbr51_ErJ-0x2vtredjzTVrCAmVVgws1kmQ==), or connect with us
on Linkedin (https://www.globenewswire.com/Tracker?data=j2ciQC8s4_30JnKltFsMJ-
cIDG0u7ccKzCVSR8TSJiEOemhcIG_8EvtIPPZd5vVz8pUzShjfABkLul6yG5FQEHtXArCU2OVkp8GlrO
JMa5g=).
About Acme
ACME is a leading integrated solar power producer in India and has a portfolio
of c.5.0 GW, out of which 2.3 GW in operating and 2.7GW in under construction.
The assets are well diversified with presence across 13 states and a central:
state mix of 65:35. The company has an asset base of c.USD 2Bn and employs more
than 1000 associates across various sites. The company’s vision is to be in the
top 10 cleantech companies in the world and with an operating capacity of 25 GW
by 2030.
For further information, please contact:
Mikkel Tørud, CFO
Tel: +47 976 99 144, [email protected] (mailto:[email protected])
Ingrid Aarsnes, VP Communication & IR
Tel: +47 950 38 364, [email protected]
(mailto:[email protected])
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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