ACME Solar Holdings announced on Friday that its project special purpose vehicle, ACME Platinum Urja, has finalized a power supply agreement with the Solar Energy Corporation of India (SECI) for a hybrid solar project with a capacity of 150 megawatts (MW). This 150 MW capacity is part of a larger total of 350 MW awarded to ACME Solar Holdings (ASHL) by SECI, as stated in a company announcement.
The project will be executed through ACME Platinum Urja Private Ltd, which was specifically established for this purpose. According to the company statement, ACME Solar Holdings Limited (ASHL or the Company) has signed a Power Purchase Agreement (PPA) with SECI for the hybrid project that will incorporate 150 MW of solar power integrated with Energy Storage Solutions (ESS).
This solar power project will connect to the inter-state transmission system at the Tumkur-II substation in Karnataka. ACME has applied for connectivity with the Central Transmission Utility to facilitate this connection.
In addition to this project, ACME Solar Holdings is also planning to launch an initial public offering (IPO). This IPO is subject to receiving the necessary approvals, market conditions, and other considerations. The company has filed a draft red herring prospectus dated July 2, 2024 (DRHP) with the Securities and Exchange Board of India (SEBI) as part of the process to offer its equity shares in the upcoming IPO.
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