In the morning hours of Thursday’s trading, Acme Solar Holdings’ shares jumped up to 4.32 percent at Rs 279.70 a share on the BSE. This followed the company’s announcement on Wednesday that it had obtained a 250 MW Firm & Dispatchable Renewable Energy (FDRE) project from NHPC at a rate of Rs 4.56 per unit. In a filing to the exchange, the solar power business stated that the project also has a greenshoe option that could increase the project’s overall capacity from the original 250 MW to 500 MW.
On the BSE, ACME Solar Holdings closed at Rs 268.1 on Wednesday, down 1.1%, while the benchmark Sensex closed unchanged.
About the Project
The project was given a tariff of Rs 4.56 per unit and has the option to increase capacity from 250 MW to 500 MW using greenshoe technology. This development brings ACME Solar’s overall capacity for renewable energy to an astonishing 6,970 MW. The purpose of the tender, “Supply of 1200 MW FDRE (Assured Peak Power Supply) from ISTS-Connected Renewable Energy Power Projects Coupled with ESS (Tranche VI),” was to acquire 1,200 MW of renewable energy and Energy Storage Systems (ESS) throughout India. A combination of solar, wind, and battery technologies is needed for the project in order to guarantee a steady and dependable four-hour peak power supply during times of high demand.
About ACME Solar Holdings Limited
The Indian company ACME Solar Holdings Limited began producing power from renewable energy sources in June 2015. In India, the company is among the biggest generators of electricity using solar and wind power. Development, building, ownership, operation, and maintenance of large-scale renewable energy projects are the company’s areas of expertise. The organization does this by using its own operations and maintenance (O&M) team and engineering, procurement, and construction (EPC) division. Sales of energy to a range of clients, including plants backed by the federal and state governments, provide the corporation with its income.
