ACME Renewtech Private Limited, part of Acme Solar Holdings Limited, has secured INR 1,988 crore in funding from Power Finance Corporation (PFC) to develop a 300 MW Solar-Wind Hybrid Renewable Energy Project. The solar capacity will be built in Bikaner, Rajasthan, while wind energy will be generated in Bhuj, Gujarat, both locations known for their strong renewable energy resources. The project has a signed Power Purchase Agreement (PPA) with NTPC, and the necessary grid connectivity is in place. The land for the solar part of the project has already been acquired. PFC is providing the financing with an 80:20 debt-to-equity structure.
Acme Solar has reached another important milestone by securing a 300 MW Solar Power Project under the SECI-ISTS XVIII scheme at a tariff of INR 3.05 per unit. The project must begin operations by June 30, 2025, according to the Power Purchase Agreement (PPA). To meet this deadline, Acme Solar plans to repurpose its ongoing Acme Sikar project, utilizing its existing grid connectivity in Bikaner-2 and the capital already invested. The project will also benefit from the Inter-State Transmission System (ISTS) waiver, as it is set to start before June 2025, in line with government incentives for early renewable energy projects.
