Gurugram based ACME Solar Holdings is looking to operationalise nearly 7GW of contracted generation capacity by FY28.
“We intend to operationalise about 2000 MW by FY27 and another 2000 MW by FY28. So, the entire contracted capacity should get operational by end of FY28,” said Rajat Kumar Singh, group chief financial officer, ACME Solar Holdings.
The work on these projects has already started, including capex, LCs (letter of credit) and other details which are required for the capacity to be operationalised, he said.
The company’s total renewable energy portfolio is 6,970 MW of contracted generation capacity and 550 MWh of Standalone Battery Energy Storage System (BESS). It has completed operationalising 2,890 MW of this capacity. In FY26, the company is looking at orders worth Rs 12,000-14,000 crore, he said .
The Roadmap to 7GW
India is expected to add 21.15 GW of new utility-scale solar capacity and 7.15 GW of rooftop solar photovoltaic (PV) capacity in FY26.
Of the under construction capacity of 4,080 MW, most are FDRE (firm and dispatchable renewable energy) projects for ACME Solar. These projects comprise both solar and BESS with a PLF (plant load factor) of 50 %.
Cost Reductions Powering Growth
Singh also said battery prices, which were very high earlier, have reduced significantly, which will contibute to lower the debt of the company.
Solar panel prices have also more or less stabilised and “with battery prices coming down, it will reduce the overall project cost, capex and consequently the debt requirement. So this is good for the sector because we are benefiting from these developments,” he said.
The company continues to execute well and remains on track to scale up its installed capacity to ~7GW by FY27, which is expected to drive an Ebitda CAGR of 68% over FY25-27, Motilal Oswal said in a recent report. ACME expects to sign PPAs (power purchase agreements) for majority of its remaining capacity by 2025 end, early commissioning plan of BESS for the 2.3GW projects (under construction contracted), which will enable sales in the merchant market during peak hours to boost its earnings, the brokerage said.
Rating firm Icra forecasts a significant increase in India’s renewable energy capacity addition, particularly in the solar power segment, driven by a healthy project pipeline and favourable solar PV cell and module prices. Icra expects the RE capacity addition to reach over 26 GW in FY2025 and further scale up to 32 GW in FY2026, with the solar power segment being the primary driver.