ACME Solar Holdings has entered into a power purchase agreement (PPA) with NHPC, a state-owned enterprise, to develop a renewable energy project with a capacity of 680 MW. This deal follows the award of the project to ACME Solar under NHPC’s 1,400 MW Firm and Dispatchable Renewable Energy (FDRE) tender, the company announced on Tuesday.
The 680 MW project will be spread across various locations, including Gujarat, Madhya Pradesh, Karnataka, and Rajasthan, according to the statement. The initiative combines cutting-edge technology and hybrid renewable energy solutions, enhancing both operational efficiency and sustainability.
With this PPA, ACME Solar further demonstrates its commitment to advancing India’s clean energy ambitions. The project will integrate solar, wind, and battery storage, aligning with the country’s broader goals to increase the share of renewable energy in its power mix.
ACME Solar Holdings is a major player in India’s renewable energy sector, with a diversified portfolio encompassing solar, wind, and hybrid projects, as well as FDRE solutions. The company ranks among India’s top 10 independent power producers in the renewable energy space, with an operational capacity of 2,540 MW and an additional 4,430 MW currently under development.
In the wake of its listing on the stock exchanges, ACME Solar Holdings and its subsidiaries have secured substantial financing to support their renewable energy initiatives. In November 2024, just after its public listing, the company’s subsidiary, ACME Sun Power, secured Rs 3,753 crore in term loans from REC Limited to fund the development of a 320 MW green energy project in collaboration with SJVN.
Additionally, ACME Renewtech Private Limited, another subsidiary, secured Rs 1,988 crore from Power Finance Corporation (PFC) to support the construction of a 300 MW solar-wind hybrid renewable energy project.
As part of its contribution to global climate goals, India made a significant commitment during COP26 in 2021, vowing to achieve 500 GW of non-fossil fuel-based electricity capacity by 2030 under its five-part “Panchamrit” pledge. This new agreement further aligns with India’s commitment to a cleaner, more sustainable energy future.
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