ACME Solar Holdings, an independent power producer, has completed a 300 MW solar project for the Maharashtra State Electricity Distribution Company (MSEDCL). The solar installation is located in the Badiseed village in Rajasthan’s Jodhpur district. The ACME Group, based in Gurugram, has approximately 5,500 MW of grid-scale projects in 12 Indian states, with 2,900 MW of operational projects and another 2,600 MW in the pipeline.
The 300 MW project is part of a 1 GW MSEDCL tender that was first announced in December 2018, with a ceiling tariff of Rs 2.80 per kWh, which was later raised to Rs 2.90 per kWh. The tender received a huge response, with 900 MW being oversubscribed. Shiv Solar and ACME Solar received the lowest tariff of Rs 2.74 per kWh during the auction in February 2019. ReNew Power and Avaada Energy were the auction’s L2 bidders. By issuing offshore green bonds, ACME was able to raise $334 million for 12 of its solar projects. Green bonds denominated in US dollars were to be used to fund the debt investment. The Climate Bonds Initiative awarded the bonds green certification.
In March 2022, ACME Solar Private Limited launched a 50-50 joint venture with Scatec, a company based in Norway, to design, construct, build, and operate a large-scale green ammonia production facility in Oman. The facility’s initial phase is projected to produce 100,000 tonnes of green ammonia per year, and it would be expanded to 1.2 million tonnes per year with around 3.5 GW of electrolyser capacity, which would be powered by a solar PV plant with a capacity of 5.5 GWp.