Solar & wind power company commissions 300 MW Sikar solar project in Rajasthan
The company has a market cap of over Rs 15,000 crore and the stock is up over 50 per cent from its 52-week low of Rs 167.55 per share.
ACME Solar Holdings Limited has significantly expanded its operational footprint, with the full commissioning of its 300 MW renewable energy capacity at the ACME Sikar Solar project in Rajasthan. This was achieved following the addition of 60 MW yesterday, building on the 240 MW part-commissioned earlier this quarter. This milestone elevates ACME Solar's total operational capacity to 2,890 MW. The Sikar project, spanning approximately 1300 acres in Bikaner, a high solar irradiation zone, connects to the Bikaner II substation at 220 kV and is projected to generate around 780 million units of renewable energy annually. It operates under an LOA won by ACME Solar Holdings through the SECI-ISTS XVIII scheme, with a tariff of Rs 3.05 per unit already adopted by CERC, and a Power Purchase Agreement (PPA) anticipated shortly.
Furthermore, ACME Solar has diversified its portfolio by commissioning its maiden 50 MW wind project in Shapar, Gujarat, during the current quarter, with the final 3.3 MW turbine commissioned yesterday. Situated in a prime wind zone, this project benefits from a 25-year PPA with GUVNL. The in-house EPC execution of this wind project not only adds to the company's renewable energy capacity but also demonstrates its expanding capabilities in diversified energy solutions.
Additionally, the company secured Rs 1,072 crore in domestic project finance for its 250 MW Rajasthan solar project, refinancing existing debt at a reduced 8.5 per cent interest over 18 years. This move, supported by banks like Bank of America and Standard Chartered, aims to improve ACME's credit rating and follows Rs 4,575 crore refinanced in the past six months, reflecting strong lender confidence.
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About the Company
ACME Solar Holdings stands as a leading integrated renewable energy player in India, boasting a diversified portfolio of 6,970 MW encompassing solar, wind, Firm and Dispatchable Renewable Energy (FDRE), and hybrid solutions. With recent commissioning, its operational capacity has reached 2,890 MW, with an additional 4,080 MW actively under various stages of implementation. The company's unique strength lies in its in-house EPC (Engineering, Procurement, and Construction) and O&M (Operations and Maintenance) divisions, enabling end-to-end project development and management. This integrated approach ensures timely and cost-effective project delivery, consistently yielding industry-leading Capacity Utilisation Factors (CUF) and strong operating margins.
The company has a market cap of over Rs 15,000 crore and the stock is up over 50 per cent from its 52-week low of Rs 167.55 per share.
Disclaimer: The article is for informational purposes only and not investment advice.