Acme Group, a leading renewable energy firm based in Gurugram, India, aims to raise $300 million in fresh equity to finance its green hydrogen push. This news comes on the heels of the company’s recent sale of 450-550 MW of power assets and its ambitious plans to become a global leader in clean energy production.
Fueling Growth Through Strategic Investment
- Acme is reportedly in the process of appointing investment bankers to manage the equity raise, targeting global PE funds, sovereign wealth funds, and infrastructure funds for long-term partnerships.
- The capital infusion, planned at the holding company level, will directly support the company’s participation in upcoming green hydrogen projects.
- This move follows the company’s earlier plans to sell a majority stake in its proposed infrastructure investment trust (InvIT) for around $1.3 billion, further emphasizing its commitment to green hydrogen development.
Riding the Green Hydrogen Wave
- India is witnessing a surge in green hydrogen investment, with a projected 5.8 million tonnes (mt) of green ammonia capacity on the horizon.
- Recognizing this potential, the government has launched the National Green Hydrogen Mission, aiming for 5mt of annual green hydrogen production by 2030, with a focus on exports.
- To incentivize participation, schemes like “Strategic Interventions for Green Hydrogen Transition” (SIGHT) offer companies like Acme financial support for project development.
Acme’s Green Hydrogen Footprint
- Acme has been selected for a 90,000 tonne per annum green hydrogen plant under SIGHT, receiving a three-year financial incentive.
- The company has ambitious goals to become a leading green energy provider by 2030, targeting 10 mtpa of green ammonia and hydrogen production.
- Internationally, Acme is collaborating with various governments and partners, with projects underway in Oman, India, Egypt, Australia, and Chile.
- In India, Acme has partnered with the Karnataka government for a massive ₹52,000 crore green hydrogen and ammonia project.
- Globally, Acme Solar has joined forces with Scatec ASA, backed by Norwegian energy giant Equinor, to build a green hydrogen facility in Oman, supplying clean fuel to Europe and Asia.
Looking Ahead
Acme’s $300 million equity raise signifies its unwavering commitment to becoming a global leader in the green hydrogen revolution. By securing strategic investments and leveraging government incentives, the company is well-positioned to capitalize on the burgeoning green hydrogen market in India and beyond. As the world transitions towards cleaner energy sources, Acme’s ambitious plans have the potential to make a significant impact on the global energy landscape.
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