ACME Solar wins 450 MW peak power project from SJVN

ACME Solar Holdings Limited has secured a 450 MW (1,800 MWh) Firm and Dispatchable Renewable Energy (FDRE-IV) project from SJVN Limited at a tariff of Rs 6.75 per unit for 25 years. The project was awarded on November 10, 2025, following an e-reverse auction held on October 9, 2025, under the Tariff-Based Competitive Bidding (TBCB) guidelines.

The project will supply power equivalent to 4 MWh per MW of capacity during any four-hour window each day within the peak demand period, maintaining 90% monthly availability. To meet this requirement, ACME Solar will deploy a hybrid setup combining 300 MW of solar capacity with a 1,800 MWh Battery Energy Storage System (BESS). Designed to deliver firm renewable power during peak hours, the project aims to support grid stability and manage demand fluctuations.

The project will utilize ACME Solar’s existing night-time transmission connectivity at high-irradiation sites in Rajasthan and will be the company’s first to use Indian-made solar cells listed under ALMM List-II.

Commenting on the award, ACME Solar’s Chief Commercial Officer, Rahula Kashyapa, said the project optimizes existing transmission capacity to generate early revenue while achieving the lowest tariff yet in a pure peak power tender.

Separately, ICRA has assigned an ‘ICRA AA-/Stable’ rating to long-term bank facilities of ACME Dhaulpur Powertech Private Limited (ADPPL), a wholly owned subsidiary of ACME Solar. The rating applies to its 300 MW ISTS-connected solar project in Jaisalmer, Rajasthan, for a Rs 990 crore term loan from the Indian Renewable Energy Development Agency (IREDA). The plant, operational since January 2025, has achieved a capacity utilization factor (CUF) of 29.05%. The ICRA rating, supported by a similar AA– rating from CRISIL, is expected to lower borrowing costs for the project.