Shares of ACME Solar Holdings Limited gained 2% on 19 February after the company announced that its wholly-owned subsidiary signed a 25-year agreement with SECI Ltd.
ACME Solar Holdings Limited, through its wholly owned subsidiary ACME Urja One Pvt Ltd, has signed a 25-year Power Purchase Agreement (PPA) with SECI Ltd for a 190 megawatt (MW) ISTS-connected wind-solar hybrid project that will provide assured peak power supply.
In a stock exchange filing dated 19 February, ACME Solar confirmed that it will supply hybrid power during peak hours and commission the project for commercial operations by 27 February, 2028. The company will run the PPA for 25 years from the date of signing.
The project falls under SECI’s Hybrid Tranche-VI and carries a tariff of Rs 4.72 per unit. ACME Solar has integrated a Battery Energy Storage System (BESS) into the project to guarantee peak power delivery. Under the agreement, the company must maintain a minimum annual Capacity Utilisation Factor (CUF) of 50% and meet 80% of peak power requirements daily.
ACME Solar has already secured grid connectivity for the solar, wind, and BESS components. The Central Electricity Regulatory Commission (CERC) has adopted the tariff, and the relevant State Electricity Regulatory Commission has approved the power procurement plan.
Power Finance Corporation (PFC) has financed the project under ACME Solar’s existing sanctioned Phase II portfolio, with transmission timelines aligned to the PPA’s commercial operation schedule.
With this agreement, ACME Solar has increased its total PPA-signed portfolio to 5,820 MW, including 1,240 MW signed in the current financial year. The company now manages a total renewable energy portfolio of 8,071 MW across solar, wind, hybrid, storage, and firm-dispatchable renewable energy (FDRE) solutions.
ACME Solar clarified that the contract does not involve any related-party transaction or promoter group interest. The company continues to pursue an ambitious growth strategy supported by a significant capital expenditure plan and a strong project pipeline.
Nikhil Dhingra, CEO, ACME Solar Holdings, had said earlier, “There is a large capex happening. Around 1.5 gigawatts of execution plan, which is we are adding the same amount of capacity which we have currently. 1.5 gigawatts translates into around three gigawatts of operational capacity which will be executed this year.”
However, at 1:44 pm, the shares of ACME Solar Holdings shed all their early gains and were trading 1.45% lower at Rs 227.59 on NSE.
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