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ACME Solar secures Rs 24.91 billion refinancing for 490 MW projects

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ACME Solar Holdings has secured a long-term refinancing facility of Rs 24.91 billion for its operational renewable energy portfolio totaling 490 MW across Andhra Pradesh, Rajasthan, and Punjab. The refinancing has been arranged through the State Bank of India and REC Limited, with a tenure ranging from 18 to 20 years. It will be used to restructure existing debt and lower the financing cost to a weighted average interest rate of 8.8 per cent. The…

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ACME Solar to invest Rs 170 billion in renewable expansion, eyes nuclear energy

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ACME Solar Holdings Limited plans to invest Rs 170 billion in capital expenditure in the calendar year 2026 to expand its renewable energy capacity to 5,000 MW by 2027, focusing on hybrid and firm dispatchable renewable energy (FDRE) projects.  The company aims to triple its capacity to 7,000 MW by 2028, rolling out expansion in two phases starting in April 2025. While primarily focused on solar, wind, and hybrid energy, ACME Solar is also evaluating…

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ACME Solar partners with Grew Energy for solar project in Rajasthan

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ACME Solar Holdings Private Limited has signed an agreement with Grew Energy Private Limited to develop a solar power project in Bikaner, Rajasthan. The project will utilize GREW Solar’s Topcon solar modules, manufactured at its 3 GW facility near Dudu, Jaipur. Both companies aim to expand their collaboration in the renewable energy sector.

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ACME Solar, ReNew Power receive LoA for 550 MW Solar Power Projects

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ACME Solar Holdings Private Limited and ReNew Solar Power Private Limited, a wholly-owned subsidiary of ReNew Power Ventures Private Limited, have received Letters of Award (LoAs) for setting up a total of 550 MW Inter-State Transmission System (ISTS)-connected solar power projects with energy storage systems (ESS) under Tranche-XVIII of Solar Energy Corporation of India (SECI). ReNew Solar Power received an LoA for 250 MW at a tariff of Rs 3.04 per kWh, while ACME Solar…

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ACME Solar sees growth in Q3 FY 2024-25; JSW Energy and Coal India report declines

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ACME Solar has reported strong financial growth for the third quarter of FY 2024-25, ending on December 31, 2024. The company’s profit after tax (PAT) surged by 152% year-on-year, reaching Rs 1.12 billion, with a PAT margin of 28%.  Total revenue for the quarter stood at Rs 4.01 billion, reflecting a 9.9% year-on-year increase and a 35.8% quarter-on-quarter growth. Earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 15.7%, reaching Rs 3.59 billion, with…

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ACME commissions 90 MW solar projects in Rajasthan

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ACME Dhaulpur Powertech Private Limited and ACME Raisar Solar Energy Private Limited, subsidiaries of ACME Solar Holdings Private Limited, commissioned a cumulative 90 MW solar power capacity at Sanwara village in Pokhran tehsil, Jaisalmer, Rajasthan, on January 7, 2025. ACME Raisar Solar Energy: Commissioned 28 MW under the 300 MW solar power project at the 600 MW ISTS (Inter-State Transmission System) Connected Solar Power Project (Tranche-I). This marks the full commissioning of the 300 MW…

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ACME Solar secures Rs 19.88 billion financing from PFC

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ACME Solar has secured Rs 19.88 billion in term finance from Power Finance Corporation Ltd (PFC) for the development of a 300-MW wind-solar hybrid renewable energy project. ACME Renewtech Pvt Ltd, a subsidiary of ACME Solar Holdings Ltd, will utilize Rs 1.99 billion in financing for the project’s construction. The solar capacity will be developed in Bikaner, Rajasthan, while wind sites will be in Bhuj, Gujarat.  The project already has a signed power purchase agreement…

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ACME Solar commissions 1,023 MW solar projects in Rajasthan

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ACME Solar has commissioned four co-located ISTS-connected solar projects totaling 1,023 MW in Rajasthan’s Jaisalmer district.  The 1,200 MW capacity project already has a 25-year power purchase agreement with the Solar Energy Corporation of India (SECI) at a tariff of Rs 2.44 per kWh. The remaining 177 MW of the project is in the commissioning process. Once fully operational, the project will generate around 3,000 MUs of clean electricity annually, offsetting 2.6 million tonnes of…

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ACME Solar and Hexa Climate Solutions win bids for NTPC’s FDRE projects

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ACME Solar Holdings and Hexa Climate Solutions have secured contracts for 400 MW and 300 MW firm and dispatchable renewable energy (FDRE) projects, respectively, as part of a 760 MW bid invited by NTPC.  Industry sources report that ACME Solar won its capacity at a tariff of Rs 4.69 per unit, while Hexa Climate Solutions secured 300 MW through a reverse auction. Avaada Energy Pvt Ltd won the remaining capacity in the bid, which opened…

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ACME Solar launches Rs 30 billion IPO

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ACME Solar launched its initial public offering (IPO) today, November 6, 2024, valued at Rs 30 billion, with a price band of Rs 275 to Rs 289 per equity share. The IPO, open until Friday, November 8, 2024, requires a minimum bid of 51 shares, with additional bids in multiples of 51.  The offering includes a fresh issue of Rs 23.95 billion and a sale offer of Rs 5.05 billion by ACME Cleantech Solutions. An…