ACME Solar Holdings emerged as the winning bidder for 130 MW in Railways’ Round-The-Clock (RTC) renewable energy tender conducted by REMC. The company secured a tariff of Rs 4.35 per unit to supply consistent renewable power to Indian Railways.
The e-reverse auction was part of REMC’s 1,000 MW RTC renewable energy project.
Indian Railways targets uninterrupted renewable power profile
The project is aimed at meeting the Railways’ unique round-the-clock energy requirements. Under the tender structure, Indian Railways will enter into a direct Power Purchase Agreement (PPA) with the winning bidders, without any intermediary. The discovered tariff demonstrates the competitiveness of renewable energy when backed by co-located solar, wind and storage assets to deliver high CUF power throughout the day.
Project to deliver 75% power first, and 85% after three years
As part of the project, ACME Solar will deliver renewable energy complemented with dispatchable sources and energy storage systems (ESS) from ISTS-connected assets. The project mandates a minimum annual availability of 75% during the first three contractual years from commissioning, which rises to 85% thereafter. This requirement will push a higher multiplier of contracted capacity in solar and battery installations, with optional integration of complementary wind capacity.
Project timeline: 30 months from PPA signing
The company said in its regulatory filing that the Letter of Award (LoA) is expected to be issued within the timelines mentioned in the tender documents. ACME Solar will commission the project within 30 months of signing the PPA.
The company expects faster execution due to the availability of land and connectivity within its existing portfolio.
Share price of ACME Solar
The share price of ACME Solar has declined by 6.41% over the past six months.