ACME Solar Holdings Ltd has made major moves in the renewable energy sector, securing Rs 1,988 crore in financing from Power Finance Corporation (PFC) for a 300 MW solar-wind hybrid project and winning a separate 300 MW solar project under the SECI-ISTS XVIII scheme at a tariff of Rs 3.05 per unit. These wins mark a significant step in ACME’s efforts to expand its renewable energy portfolio.
Hybrid project in Rajasthan and Gujarat
ACME’s hybrid project will combine solar power in Bikaner, Rajasthan, and wind power in Bhuj, Gujarat. The project has already signed a power purchase agreement (PPA) with NTPC, with grid connectivity and land acquisition completed for the solar component. Operations are expected to begin before June 2025.
Winning the SECI bid and other developments
In addition to the hybrid project, ACME Solar has been awarded a 300 MW solar project under the SECI-ISTS XVIII scheme at Rs 3.05 per unit. To fulfil this commitment, the company plans to repurpose its under-construction ACME Sikar project in Rajasthan, utilising the existing grid infrastructure in Bikaner-2. This SECI project will benefit from an Inter-State Transmission System (ISTS) waiver, providing a boost for its operational timeline.
ACME Solar’s recent success in winning a 250 MW firm and dispatchable renewable energy project in an NHPC auction for Rs 4.56 per unit further demonstrates the company’s ability to tackle renewable energy challenges, including variability.
Shares of ACME Solar were trading at Rs 238.10, marking a 0.61 per cent increase.
