ACME Solar shares gain 2% on 220 MW solar project in Madhya Pradesh; key details

ACME Solar Holdings shares climbed on Tuesday after securing a 220 MW renewable project order, adding to a string of recent wins, including an FDRE contract and a credit rating upgrade in February.

At 9:30 AM, ACME Solar stock was up 1.75 per cent to Rs 232.10 on the BSE, against its previous close of Rs 228.10.

In an exchange filing on Tuesday, ACME Solar said it had received a letter of award (LoA) from Rewa Ultra Mega Solar Ltd (RUMSL) to set up a 220 MW solar project integrated with a Battery Energy Storage System (BESS). The project, located at the Morena Solar Park in Madhya Pradesh, was awarded at a tariff of Rs 2.764 per unit.

The project has a tenure of 25 years from the signing of the power purchase agreement (PPA), with a scheduled commercial operation date set for December 31, 2027, the filing noted.

The company must ensure a maximum annual capacity utilisation factor (CUF) of 35 per cent and provide 4 hours of peak supply (2 hours each in the morning and evening) at 95% annual availability, it added.

Just days prior, on February 6, ACME Solar announced it had secured a 301 MW/ 1,204 MWh assured peak supply project from the Solar Energy Corporation of India (SECI) under an FDRE (Firm and Dispatchable Renewable Energy) tender. 

Adding to that, the company informed exchanges on February 7 that its subsidiary, ACME Eco Clean Energy, had commissioned an additional 4 MW of wind power in Gujarat. This takes the subsidiary’s total commissioned wind capacity to 76 MW out of 100 MW.