ACME Solar signs PPA for 300 MW peak power project with SECI at Rs 6.28/unit

New Delhi: ACME Solar Holdings Limited has secured a major long-term power supply contract, signing a Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI) for 300 MW under the Firm and Dispatchable Renewable Energy (FDRE) Tranche VII – Assured Peak Power Project.

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The agreement was executed through ACME Renewtech Sixth Private Limited, a wholly-owned subsidiary of the Gurugram-based renewables company. In a regulatory filing to the stock exchanges on Tuesday, the company disclosed that the project carries a tariff of "Rs 6.28 per unit" and a contracted capacity of 300 MW.

The project was awarded under SECI's FDRE Tranche-VII tender, pursuant to the Letter of Award (LoA) dated February 10. The tender was conducted under Tariff-Based Competitive Bidding guidelines, with the e-reverse auction held on February 2.

Terms and timeline

As per the regulatory disclosure, the Scheduled Commencement of Supply Date (SCSD) is set for May 28, 2028, with a "project tenure of 25 years from the date of SCSD."

The project will be connected to Inter-State Transmission System (ISTS) substations and will leverage ACME Solar's existing night-time grid connectivity at high irradiation zones. In a statement, the company said it "will supply 4 hours of assured peak power only during non-solar hours with minimum annual availability requirement of 85 percent."

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Portfolio update

The PPA takes ACME Solar's signed portfolio to 6,570 MW out of a total contracted portfolio of 8,070 MW. In a statement, the company said it operates "an operational contracted capacity of 2,990 MW and ~2.7 GWh of BESS capacity and under construction capacity of 5,080 MW including ~18 GWh of BESS installation."

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