New Delhi, 18 October (Hindustan Reporter). ACME Solar Holdings Ltd (ASHL) on Friday said its project special purpose vehicle ACME Platinum Urja has signed an agreement with Solar Energy Corporation of India to supply power from its 150 MW hybrid solar capacity.
The company said in a statement that this capacity is part of the total 350 MW capacity given by Solar Energy Corporation of India (SECI) to ACME Solar Holdings. ACME Solar Holdings Ltd said the project will be executed through ACME Platinum Energy Pvt Ltd, a special-purpose vehicle set up for the purpose.
According to the statement, CME Solar Holdings Limited (ASHL) through its special purpose vehicle (SPV), ACME Platinum Urja Pvt Ltd, has signed a contract with Solar Energy Corporation for a hybrid project with a capacity of 150 MW of solar power integrated with Energy Storage Solutions (ESS). of India (SECI) has signed a Power Purchase Agreement (PPA).
The project will be connected to the inter-state transmission system at Tumkur-II substation in Karnataka, for which the company has applied for connectivity with the Central Transmission Utility. At the same time, ASHL is proposing to launch an initial public offering (IPO). The company has also filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on July 2, 2024, for offering its equity shares. However, this is subject to receipt of requisite approvals and other considerations.
It is noteworthy that the company, established in 2015 to consolidate the renewable energy business of ACME Group, has diversified and expanded its portfolio with solar power projects over the last few years. It has become an integrated renewable energy company in India. The company develops, builds, owns, operates and maintains utility-scale renewable energy projects. It also generates revenue through sale of power to various off-takers, including central and state government supported entities.
Hindusthan News / Prajesh Shankar
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