Acme Solar Holdings has managed to secure Rs 1,988 crore in funding for a 300 MW hybrid renewable energy project.
Acme Solar Holdings has managed to raise Rs 1,988 crore from state-owned Power Finance Corporation (PFC) for the development of a 300 MW hybrid renewable energy project. SECI had won the award through a competitive auction and will have a major share of solar in the wind power generation capacity that will be developed in Rajasthan and Gujarat.
High potential resource areas have been targeted to host the hybrid project; development in the solar capacity will be executed at Bikaner, Rajasthan while the wind energy sites will be located at Bhuj, Gujarat. The development and construction of the project will be carried out by the wholly-owned subsidiary of Acme Solar Holdings, ACME Renewtech Pvt Ltd that is part of the rapidly expanding portfolio of renewable energy undertaken by the company.
Financing and Project Information
The PFC will provide Rs 1,988 crore to the developer of the 300 MW hybrid solar-wind project. NTPC has been given a PPA for ensuring long-term electricity buying. Also, all the grid connections have also been made, thereby making power available in a seamless manner into the national grid.
All land requirements for Bikaner solar capacity have been acquired. Hence, the company will now not suffer from land procurement delay and will then start project development.
The project will play a much more pivotal role in the shift to cleaner resources and higher sustainability in terms of energy for the country. That will include both sun and wind energies whereby power can be generated relatively steadily around the whole year.
Development of Renewables Capacity
Acme Solar Holdings emerged victorious in another renewal power project with the award by SECI for 300 MW of solar power projects on the scheme that has been priced at INR 3.05 for a unit of an average tariff. That too speaks more of the competence of such companies as producing competitive renewable energies into developing India’s market.
The other one is also of utmost importance like the hybrid project and is very crucial to meet the aggressive targets given to renewable energy by the country, India. As per PPA terms, this has to start commercial operations on or before June 30, 2025. Further, it would increase the portfolio of renewable energy projects for Acme Solar and would make it a market leader in India’s renewable energy industry.
Solar and Wind Hybrid Power
Hybrid renewable energy projects, that pool solar and wind power generation, have in recent times become popular in improving the reliability of the grid as well as the reduction of the intermittency of the generation. Complementing wind energy that peeks in the evening hours and night time is solar power generation, peaking in the daytime, while solar energy peaks in the daytime. This would result in combining two sources of energy into one project, thereby enhancing the reliability and predictability of power generation. In turn, this will be both a benefit to the consumer and the grid.
Acme Solar will position itself to extract maximum output of energy while enabling the country to achieve renewable energy goals by developing projects in high-resource potential areas like Bikaner and Bhuj. The success of such hybrid projects would also help reduce dependence on fossil fuels and, in turn, contribute to a cleaner and more sustainable mix of energy.
Government Support for Renewable Energy
In these, the government is still aggressively supportive about the growth of renewable energy in India-for example, in setting an ambitious goal for 500 GW of non-fossil fuel-based power capacity by 2030. And with the increasing number of hybrid projects undertaken by India and implemented to-date by Acme Solar, among others, India can truly achieve these targets.
Through these auctions, which helped Acme Solar bag its projects, SECI has emerged as an important tool in the pursuit of ensuring competitiveness and attracting investments in the space of renewable energy. This benefits the developer by winning large-scale renewable energy projects but assures the government of a buyer of that energy through long-term PPAs. This is what makes it investor-friendly for the renewable projects; hence, the financiers can give a guarantee for the grant of finance to the developers, just like the case of Acme Solar for project completions.
A Leap toward Sustainability
Hybrids have become part of large sustainable objectives in India, including reducing green gas emissions and increasing renewable generation shares. In fact, achieving these objectives centers upon the renewable energy sector as an area that is sure to experience growth and investment over the coming years.
Acme Solar Holdings, securing the financing amount of Rs 1,988 crores from PFC, which also won many projects pertaining to renewable energy, signed under SECI schemes, would be a critical development milestone in the journey of Acme Solar Holdings. Capacity built in solar and wind power at the company would cater for India’s future needs to meet increasing demand while contributing to world efforts regarding climate change mitigation.
A key success from Acme Solar Holdings’s recent fundraising wins and success stories about projects points out that Acme Solar is indeed fast becoming prominent in India’s renewable landscape. Secured Rs 1,988 crore for a 300 MW hybrid solar-wind project among others for various solar power projects will contribute significantly toward the goals set by India in the way of renewable energy. They represent a transitional phase towards energy, in particular an ever-greater reliance on hybrid solutions of renewable energy sources capable of responding to the requirements of the country for energy.
Source: Acme Solar Holdings Press Release