Power Generation Company Secures 250 MW FDRE Project in NHPC Auction

With this latest win, Acme Solar’s total capacity now stands at 6,970 MW,

Acme Solar Holdings Limited has successfully secured a 250 MW Firm & Dispatchable Renewable Energy (FDRE) project in the e-reverse auction held by NHPC on December 10, 2024, at a tariff of Rs 4.56 per unit. Notably, this project includes a green-shoe option that could potentially expand the total capacity of this project from the initial 250 MW to 500 MW. With this latest win, Acme Solar’s total capacity now stands at 6,970 MW,

The auction titled "Supply of 1200 MW FDRE (Assured Peak Power Supply) from ISTS-Connected Renewable Energy Power Projects Coupled with ESS (Tranche VI)," aims to procure 1,200 MW of renewable energy integrated with Energy Storage Systems (ESS) across India. The project will deliver four hours of peak supply, requiring a blend of solar, wind, and battery technologies, ensuring a reliable and stable energy supply during periods of high demand.

Commenting on this achievement, Nikhil Dhingra, CEO of ACME Solar Holdings Limited, said, “This win takes our overall portfolio to ~ 7 GW and commissioned portfolio of long-term power supply with NHPC to 930 MW. Out of this 930 MW, our existing 680 MW, 4 hours peak FRDE commissioned capacity with NHPC is expected to be converted to PPA shortly given NHPC has signed 1280 MW PSA recently with Uttar Pradesh. We are looking forward to increasing our commitment to NHPC with this bid win and executing this project utilising the CTU connec2vity we already have in Rajasthan and Gujarat. This project is likely to have a Scheduled COD in FY’ 2027-28 assuming PPA to get signed in early FY26.”

About the Company

ACME Solar Holdings Limited is a renewable energy company in India with a diversified portfolio across solar, wind, hybrid and Firm and Dispatchable Renewable Energy (FDRE) projects. The company is one of the top 10 renewable energy independent power producer in India with an operational capacity of 2,540 MW and under construction capacity of 4,180 MW. The Company generates long-term stable cashflows through the sale of electricity to various off-takers including central and state government-backed entities via long-term contracted PPA typically for fixed tariff rates for 25 years. The company has in-house EPC and O&M capabilities allowing it to control processes, costs and timelines and giving flexibility in the choice of technology and suppliers.

According to Quarterly Results, the total revenue increased by 7.4 per cent to Rs 295 crore and net profit increased by 75.4 per cent to Rs u crore in Q2FY25 compared to Q2FY24. In its half-yearly results, the total revenue increased by 5.5 per cent to Rs 635 crore and net profit increased by 10.6 per cent to Rs 152 crore in H1FY25 compared to H1FY24.

ACME Solar Holdings Limited has achieved substantial growth and operational efficiency in the first half of FY25. The company's total portfolio has expanded to 6,720 MW, comprising 2,540 MW of operational capacity and 4,180 MW of under-construction projects. The operational capacity has nearly doubled, increasing from 1,340 MW in Q1FY25 to 2,540 MW, primarily due to the recent energization of 1,200 MW SECI ISTS projects in October 2024.

ACME has secured multiple projects with a combined capacity of 1,350 MW in FY25, contracted with central off-takers SECI, NTPC, and SJVN. This has elevated the total order book for under-construction projects to 4,180 MW. For these projects, grid connectivity is in place for all 4,180 MW, PPAs have been signed for 1,660 MW, LOAs have been awarded for 2,120 MW and debt financing of Rs 1,400 crore (Rs 14,500 crore) has been secured. Additionally, the company has refinanced operational projects worth Rs 4,500 crore, resulting in a cash release of Rs 590 crore.

Disclaimer: The article is for informational purposes only and not investment advice.