ACME Solar Secures ₹1,988 Crore for Hybrid Energy Projects

27 Dec 2024 , 01:25 PM

ACME Solar Holdings Ltd. has bagged a funding of ₹1,988 crores from Power Finance Corporation (PFC) to finance a 300 MW solar-wind hybrid power project. This hybrid is going to produce solar electricity in Bikaner, Rajasthan and wind electricity in Bhuj, Gujarat.

PPA is also already signed with NTPC. Land acquisition and grid connection are already made for the solar end. The project is expected to start operations before June 2025, which will be a huge leap in the expansion of renewable energy.

ACME Solar has bagged 300 MW solar power project under the SECI-ISTS XVIII scheme with competitive tariff of ₹3.05 per unit. ACME proposes to use its under-construction ACME Sikar project in Rajasthan and existing grid infrastructure at Bikaner-2 for executing this project.

The SECI project enjoys an ISTS waiver for projects operational by mid-2025, thus enhancing the project’s viability.
Recently, ACME Solar emerged victorious in an NHPC e-reverse auction, securing a 250 MW firm and dispatchable renewable energy project at ₹4.56 per unit. These developments reflect the focus of ACME Solar on innovative and scalable renewable energy solutions that will support India’s clean energy goals.

On December 27, 2024, shares of ACME Solar Holdings is currently trading at ₹236.55 which is a 1.25% dip than the previous close. The stock has witnessed a total of 6.56% dip in the last one year.