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India’s Acme Solar inks US$200 million solar farm deal with Danish fund and UN arm

The project is expected to  provide renewable energy to an estimated 500,000 households, and create more than 200 jobs in the construction phase
By Goh Thean Eu   
June 24, 2021

India’s Acme Solar has signed a US$200 million deal with the Danish Investment Fund for Developing Countries (IFU) and the United Nations Office for Project Services to build a 250-megawatt solar park in the state of Rajasthan.

The project is expected to provide renewable energy to an estimated 500,000 households, and create more than 200 jobs in the construction phase and 75 jobs when it starts operating, the IFU says in a statement recently. It did not specify the timeline for completion.

The government-owned IFU is a self-governing fund which seeks to promote economic and social development in developing countries.

The solar project is its first investment under the India-Denmark Green Strategic Partnership the two governments signed last year.

“We hope this will be a stepping stone for creating an even stronger green cooperation between India and Denmark, going forward,” Reik Haahr Muller, the IFU’s vice president of climate, says in the statement. “We are delighted to be part of this investment as it fits very well with our strategy to create green, just and inclusive societies and matches our requirement of co-investing with strong and competent partners.”

The Danish fund is no stranger to investing in sustainable projects in India. According to information posted on the IFU’s website, it has invested in Roserve Enviro India, a waste water recycling firm, Satin Housing Finance, a company that specialises in affordable housing loans, and Indian Energy, a wind farm company, among other things.

The IFU has 427 investments in Asia totalling 6.95 billion Danish krone ($1.11 billion).