ACME Solar’s wholly owned subsidiary, ACME Renewtech Sixth, has signed a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for a 300 MW Firm and Dispatchable Renewable Energy (FDRE) project.
The project will include 1,200 MWh of energy storage capacity and will be connected to the Inter-State Transmission System (ISTS), the company said in an exchange filing.
ACME Solar to provide peak power during non-solar hours
Under the agreement, ACME Solar will supply four hours of assured peak power during non-solar hours. The project will also have to maintain a minimum annual availability requirement of 85%.
The company said the project will utilise its existing night-time connectivity available at high irradiation zones to optimise power delivery.
The project was awarded to ACME Solar under SECI’s FDRE Tranche-VII tender after the company received a Letter of Award (LOA) on February 10. The e-reverse auction for the tender was conducted on February 2, under tariff-based competitive bidding guidelines.
ACME Solar signs 300 MW PPA at Rs 6.28/unit
The PPA has been signed for a contracted capacity of 300 MW at a tariff of Rs 6.28 per unit.
The company clarified that the executed PPA capacity is lower than the 301 MW mentioned in the LOA due to “optimisation of project configuration and implementation” mutually agreed between the parties.
The Scheduled Commencement of Supply Date (SCSD) for the project is May 28, 2028. The agreement will remain valid for 25 years from the SCSD.
ACME Solar’s PPA-signed portfolio rises to 6,570 MW
Following the latest agreement, ACME Solar’s total contracted portfolio stands at 8,070 MW, while its PPA-signed portfolio has increased to 6,570 MW.
The company said it currently has an operational contracted capacity of 2,990 MW and around 2.7 GWh of Battery Energy Storage System (BESS) capacity. It is also developing 5,080 MW of under-construction capacity, including around 18 GWh of BESS installations.
About ACME Solar
ACME Solar Holdings is a leading integrated renewable energy player with a diversified portfolio of 8,070 MW spanning solar, wind, storage, FDRE and hybrid solutions. The company has an operational contracted capacity of 2,990 MW and around 2.7 GWh of BESS capacity, along with an under-construction capacity of 5,080 MW, including around 18 GWh of BESS installations.
The under-construction PPA-signed portfolio stands at 3,580 MW. With an in-house EPC and O&M division, the company undertakes end-to-end development and O&M of plants, thereby delivering projects in a time- and cost-effective manner while ensuring best-in-class operating performance, evident in its industry-leading CUF and operating margins.
ACME Solar share price
The share price of ACME Solar has gained 1.71% in the intraday trading session from the previous close. The stock has surged 28.77% so far this year.