Scatec, ACME shelve 900-MW solar project in India

• Norwegian eco-friendly power producer Scatec ASA (OSL: SCATC) and India's ACME have actually decided to put on hold the 900-MW solar project they previously claimed they were co-developing in India.

Scatec revealed this in its fourth-quarter monetary report published today, stating that the project has been moved from stockpile to pipe due to the absence of supply of locally-manufactured photovoltaic or pv (PV) panels as well as the upcoming introduction of a 40% import task on such products.

Both firms announced their 50/50 collaboration in relation to that certain project in June 2021. At the time, they approximated the overall capital expenditure to be USD 400 million (EUR 351m), with 75% financial debt financing from a residential state-owned lending institution.

Construction work was supposed to begin in 2021 so that the solar plant could be completed this year.