ACME Solar Holdings announced on Friday that its special purpose vehicle, ACME Platinum Urja, has signed an agreement with the Solar Energy Corporation of India (SECI) to supply power from its 150 MW hybrid solar project.
This 150 MW is part of the larger 350 MW capacity awarded to ACME Solar Holdings by SECI, according to a company statement. The project will be executed by ACME Platinum Urja Private Ltd, a dedicated entity established for this purpose.
ACME Solar will integrate the 150 MW of solar power with Energy Storage Solutions (ESS) as part of this hybrid project. The power generated will be connected to the interstate transmission system at the Tumkur-II substation in Karnataka, for which connectivity has already been requested from the Central Transmission Utility.
In addition, the company is preparing for an Initial Public Offering (IPO) of its equity shares, subject to regulatory approvals and market conditions. The company has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on July 2, 2024.
The company is one of India’s leading renewable energy companies, specializing in the development, construction, and operation of solar power projects. With a focus on sustainability and innovation, the company has established itself as a key player in India’s clean energy transition.
The company has built a substantial portfolio of utility-scale solar projects across multiple states, contributing significantly to the nation’s renewable energy capacity. ACME Solar is committed to reducing carbon emissions by providing affordable, clean energy, and has ambitions to expand its presence both in India and internationally. Its efforts align with global goals for sustainable energy and combating climate change.
