Gurugram-based renewable energy firm Acme Group is gearing up to raise $300 million in fresh equity. The move is aimed at securing funds for bidding on new power projects, emphasizing the company’s commitment to green hydrogen initiatives and sustainable energy practices.
Acme Group, fresh off the sale of significant power assets to BluPine, is strategically positioning itself for a private equity fund-raise. The company is reportedly engaging with global private equity funds, sovereign wealth funds, and infrastructure funds to secure long-term partnerships. The funds will be raised at the holding company level, providing the necessary financial impetus for Acme Group’s foray into incremental projects, especially under the burgeoning green hydrogen landscape.
India’s focus on green hydrogen has intensified, with plans for 5.8 million tonnes of green ammonia capacity. Green hydrogen, produced through electrolysis powered by renewable energy sources, is gaining prominence. India is keen to promote green hydrogen exports to Japan, South Korea, and Europe, offering incentives such as concessional green electricity, inter-state transmission charge waivers, and land in renewable energy parks.
The government’s National Green Hydrogen Mission, with a target of 5 million tonnes of annual green hydrogen production by 2030, has catalyzed investments in the sector. Acme Group, aligning with this mission, has been selected for setting up a green hydrogen plant under the “Strategic Interventions for Green Hydrogen Transition” (SIGHT) incentive scheme.
Founded in 2003 by Manoj Kumar Upadhyay, Acme Group has set its sights on becoming a leading global green energy provider by 2030. The company envisions producing 10 million tonnes per annum (mtpa) of green ammonia and hydrogen. With projects spanning Oman, India, Egypt, Australia, and Chile, Acme Group has been actively collaborating with governments, partners, and stakeholders to drive sustainable energy initiatives worldwide.
In India, Acme Group has inked a groundbreaking agreement with the Karnataka government, committing ₹52,000 crore to establish a green hydrogen and green ammonia project. Additionally, the company is venturing into a massive green hydrogen and green ammonia project at the special economic zone in Duqm, Oman, requiring an investment of approximately $6 billion. Through a joint venture with Scatec ASA, the plant aims to supply emission-free fuel to Europe and Asia.
As Acme Group positions itself as a key player in the green energy landscape, the forthcoming equity boost is poised to be a pivotal chapter in its journey toward sustainable and environmentally friendly energy solutions.
