Dynamite News ACME Solar signs power purchase pact with NHPC for 680 MW project
Renewable energy firm ACME Solar Holdings has signed a power purchase agreement (PPA) with state-owned company NHPC for a project of 680 MW capacity. Read further on Dynamite News:
New Delhi: Renewable energy firm ACME Solar Holdings has signed a power purchase agreement (PPA) with state-owned company NHPC for a project of 680 MW capacity.
Company statement
ACME Solar was awarded the project under the Firm and Dispatchable Renewable Energy (FDRE) tender of 1,400 MW issued by NHPC, as per a company statement Tuesday.
The project will be developed across multiple locations, including Gujarat, Madhya Pradesh, Karnataka and Rajasthan, the statement added.
This innovative project combines advanced technology with hybrid renewable energy solutions to enhance efficiency and sustainability.
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FDRE projects
The power purchase agreement with NHPC, according to the company, reinforces its commitment to India's clean energy goals by integrating solar, wind, and battery storage.
ACME Solar Holdings Limited is a renewable energy company in India with a diversified portfolio across solar, wind, hybrid and FDRE projects.
The company is one of the top 10 renewable energy independent power producers in India with an operational capacity of 2,540 MW and under construction capacity of 4,430 MW.
Since its listing on the stock exchanges, ACME Solar Holdings and its subsidiary has secured a series of loan financing for renewable energy projects.
collaboration with SJVN
In mid-November last year, days after its listing, ACME Solar Holdings' subsidiary ACME Sun Power had secured a Rs 3,753 crore term loan financing from state-owned company REC Limited for the development and construction of 320 MW green energy projects in collaboration with SJVN.
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ACME Renewtech Private Limited, a subsidiary of ACME Solar Holdings Limited had secured Rs 1,988 crore in term loan financing from Power Finance Corporation (PFC) to fund the development and construction of a 300 MW solar-wind hybrid renewable energy project.
The parent company was listed on the exchanges on November 13, 2024.
Non-fossil electricity capacity
As part of COP26 held in 2021, India committed to an ambitious five-part "Panchamrit" pledge. They, among others, included reaching 500 GW of non-fossil electricity capacity, by 2030.