ACME Solar bags ₹1,988 crore PFC financing for hybrid project; wins SECI 300 MW bid

ACME Solar Holdings Ltd has announced significant strides in its renewable energy expansion. The company has secured ₹1,988 crore in financing from Power Finance Corporation (PFC) for a 300 MW solar-wind hybrid renewable energy project.

This hybrid project will integrate solar capacity in Bikaner, Rajasthan, and wind power generation in Bhuj, Gujarat. With a power purchase agreement (PPA) signed with NTPC, grid connectivity in place, and land fully procured for the solar component, the project is expected to commence operations before June 2025.

Separately, ACME Solar has been awarded a 300 MW solar power project under the SECI-ISTS XVIII scheme at a tariff of ₹3.05 per unit. To fulfil this bid, the company plans to reallocate its under-construction ACME Sikar project in Rajasthan, leveraging existing grid infrastructure in Bikaner-2.

This SECI project benefits from an Inter-State Transmission System (ISTS) waiver, a key incentive for renewable energy projects operational by mid-2025.

Also read: NTPC Green Energy shares fall 5% after shareholder lock-in period ends today

Earlier this month, ACME Solar also won a 250 MW firm and dispatchable renewable energy (FDRE) project in an NHPC e-reverse auction at ₹4.56 per unit, showcasing its ability to address renewable energy variability challenges.

Shares of ACME Solar Holdings were trading at ₹238.10, up 0.61%, at 1:50 PM on Wednesday.