GAIL Might Buy Stake in ACME Solar Holdings: Report

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  • The discussions between GAIL and ACME, as per the report, are in the early stages
  • Acme Solar, as per the International Energy Agency and CEEW, is among India’s largest solar power producers

GAIL, also referred to as Gas Authority of India, is in talks to buy a stake in ACME Solar Holdings. Reported by the Economic Times, the former might buy up to a 74 per cent stake in ACME Solar Holdings if the proceedings finalise. It is to be noted here that GAIL is the largest distributor and processor of gas in India.

Interestingly, ACME has a solar portfolio of about 5.8 gigawatts. The company, as per the International Energy Agency and CEEW, is among India’s largest solar power producers.

GAIL’s tie-up with BHEL

GAIL also has a tie-up with BHEL (Bharat Heavy Electricals Limited). This tie-up between the includes setting up renewable energy projects. The duo is also responsible for providing financial support to startups setting up clean energy business.

ACME, on the other hand, is currently setting up new solar plants in various parts of India. Once running, these new solar power plants will boost 2.8 gigawatts of solar power production. ACME has contracts with several state electricity boards as well. The company has also generated free cash flow Rs 800 crore this fiscal.

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The Government of India, as per a UN report, has set a target of installing 175 GW of renewable energy capacity by the year 2022, which includes 100 GW from solar, 60 GW from wind, 10 GW from bio-power, and 5 GW from small hydro-power.

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