ACME Solar Secures ₹1,988 Crore Financing and Wins SECI 300 MW Solar Bid

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ACME Solar Secures ₹1,988 Crore Financing and Wins SECI 300 MW Solar Bid

ACME Solar Holdings secures ₹1,988 crore financing from PFC for a 300 MW hybrid project and wins a separate 300 MW SECI solar project at ₹3.05/unit.

December 26th, 2024 News

Introduction
ACME Solar Holdings Ltd continues to strengthen its position in India’s renewable energy sector with significant developments. The company recently secured ₹1,988 crore in financing from Power Finance Corporation (PFC) for a 300 MW hybrid renewable energy project. Additionally, ACME Solar has won a 300 MW solar power project under the SECI-ISTS XVIII scheme, reinforcing its leadership in sustainable energy solutions.

Key Highlights

PFC Financing for Hybrid Project:
- ACME Solar has obtained ₹1,988 crore funding from PFC for a 300 MW hybrid renewable energy project.
- The hybrid project includes solar capacity in Bikaner, Rajasthan, and wind power generation in Bhuj, Gujarat.
- A power purchase agreement (PPA) has been signed with NTPC.
- Land procurement and grid connectivity for the solar component are completed.
- Operations are expected to commence before June 2025.
SECI 300 MW Solar Project Win:
- Awarded under the SECI-ISTS XVIII scheme at a tariff of ₹3.05 per unit.
- The company plans to reallocate its under-construction ACME Sikar project in Rajasthan to fulfil this bid.
- The project benefits from an ISTS waiver for renewable energy projects operational by mid-2025.
Recent Success in NHPC Auction:
- Won a 250 MW firm and dispatchable renewable energy (FDRE) project in an NHPC e-reverse auction at ₹4.56 per unit.
- Demonstrates ACME’s ability to manage renewable energy variability.
Stock Performance:
- Shares of ACME Solar Holdings were trading at ₹238.10, up by 0.61%, as of 1:50 PM on Wednesday.

Project Details

The hybrid renewable energy project marks an important step in India’s transition to sustainable energy. The combination of solar and wind resources optimizes energy generation and reduces variability. The solar component in Rajasthan benefits from high solar irradiance, while the wind generation in Gujarat utilizes consistent wind patterns, ensuring year-round energy output.

The SECI project further emphasizes ACME’s strategic focus on leveraging advanced grid infrastructure and incentives like the ISTS waiver to enhance the profitability and feasibility of its renewable ventures.

Conclusion
With these achievements, ACME Solar continues to expand its footprint in renewable energy, addressing critical challenges in sustainability and grid stability. The company’s proactive approach in securing financing, leveraging infrastructure, and participating in competitive bids solidifies its role as a leader in India’s green energy transformation.