ACME Solar bags Rs 1,988 crore hybrid project from Power Finance Corporation

ACME Solar Holdings Ltd has announced major advancements in its renewable energy initiatives. The company has secured financing of Rs 1,988 crore from Power Finance Corporation (PFC) for a 300 MW solar-wind hybrid renewable energy project. This hybrid project will combine solar capacity in Bikaner, Rajasthan, with wind power generation in Bhuj, Gujarat. 

The project has a power purchase agreement (PPA) signed with NTPC, grid connectivity is in place, and all land for the solar component has been fully procured. Operations are expected to begin before June 2025. 

Additionally, ACME Solar has been awarded a 300 MW solar power project under the SECI-ISTS XVIII scheme, with a tariff rate of Rs 3.05 per unit. To fulfill this bid, the company plans to reallocate resources from its under-construction ACME Sikar project in Rajasthan, utilizing the existing grid infrastructure in Bikaner-2.

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This SECI project benefits from an Inter-State Transmission System (ISTS) waiver, a key incentive for renewable energy projects to be operational by mid-2025.

Earlier this month, ACME Solar also won a 250 MW firm and dispatchable renewable energy (FDRE) project in an NHPC e-reverse auction at Rs 4.56 per unit, showcasing its ability to address renewable energy variability challenges.

The shares of ACME Solar Holdings were trading at Rs 238.10, up 0.61%.

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