Acme Renewtech gets ₹1,988 cr loan for 300 MW solar-wind hybrid project in Rajasthan.
ACME Renewtech Pvt. Ltd, a wholly-owned subsidiary of ACME Solar Holdings Ltd, announced that it has inked a deal with Power Finance Corp (PFC) for receiving ₹1,988 crore in loan or $233 million to construct the giant 300-megawatt solar-wind hybrid project in the desert state Rajasthan in the north of India in the district of Bikaner.
It will be an integrated package of solar installations within the premises established in Bikaner and a wind farm in Bhuj, Gujarat. It is one of the major strides that India is now making towards clean energy sources. This forms part of the larger plan that Acme Solar has in place to heighten its capacities in the renewable energy market and step up the increasing demand within the country for clean power.
Project Details and Progress
The hybrid solar-wind project will be generating 300 MW of renewable energy. The company, Acme Solar, has already signed a power purchase agreement with NTPC, the largest power utility in the country, which provides for an off-take arrangement for the power generated by the project and has assured accordingly. Moreover, all land requirements for grid connectivity for the project and for the solar capacity have been procured.
This project will greatly help meet the targets of India in terms of renewable sources as India is in a need to up the share of clean energy in the national grid. The power generation will reportedly become even more efficient and reliable with the advantages that come through both kinds of sources as these have the complementary characteristics through the hybrid model which makes a blend of solar and wind energies.
Project finance was structured on a debt-equity of 80:20 wherein PFC happens to be the sole financier thus it leaves room for Acme Renewtech to develop projects with negligible levels of debt burden
Scaling of solar projects and the new PPA with SECI
Acme Solar has won a 300 MW solar power project under the Inter-State Transmission System (ISTS) XVIII scheme of the Solar Energy Corporation of India (SECI). In addition to this, the company has secured a project under the Bikaner project. The project has been developed at a tariff of ₹3.05 per unit and further strengthens Acme’s hold in India’s rapidly growing renewable energy market.
As per the power purchase agreement, the project has to commence its operation by June 30, 2025. To meet the tight deadline, Acme Solar would rely on its in-process Sikar project in Rajasthan. The company is transferring the resources with existing connectivity through the Bikaner-2 grid to the new project to complete on due date.
This solar project will also be an advantage of the government’s ISTS waiver, where it is part of an incentive to speed up completing renewable energy projects by part-exempting them from some charges of transmittance, whose cost reductions will make transmission costs more economical for this project.
Recent Achievements And Future Outlook
For a considerable time, Acme Solar has indeed been on a fairly successful run with its renewable energy projects. The company claims that four solar projects it has commissioned on 20 December at Rajasthan are collective additions to its portfolio totaling 1,023 MW. There are projects – 238 MW in Dhaulpur, 253 MW in Deoghar and 260.05 MW in Phalodi-in these solar projects of collective addition, that make even stronger the position of the company in the field of renewable energy.
The new achievements brought to it a momentum whereby Acme Solar now is significantly closer to taking a share in India’s renewable energy scene. Aggressive expansion plans are coming along, much aligned with India’s ambition of 500 GW non-fossil fuel energy capacity by 2030. Acme Solar’s ongoing projects and new initiatives speak for the commitment to fueling India’s energy transition. At the heart of all this is large-scale solar, including hybrid energy projects, working in battle against carbon emissions, sharing in renewable energy through the national grid.With aggressive expansion in place, Acme Solar is set to lead India in accelerating towards climate commitments. It has many projects under construction and has even more lined up, making this the right company for the position at the vanguard of India’s march toward a greener, more sustainable future.
Conclusion
Acme Renewtech has raised ₹1,988 crores from Power Finance Corp. It is indeed the biggest step for Acme Renewtech and for the India Renewable Energy sector. The 300 MW solar wind hybrid project being developed by Acme Renewtech in Bikaner will further add to the nation’s renewable energy capacity to realize the 2050 goal of net-zero emission.
The development of other projects and the recent commissioning of more than 1,000 MW of solar capacity has made Acme Solar an important player in India’s renewable energy transition. It will continue to play a major role in shaping the future of clean energy in India as the company moves forward with its ambitious plans.
Source: Acme Renewtech Pvt. Ltd. Press Release, December 25, 2024.