Acme Solar Plans to Sell Solar Projects of 650 MW Capacity
Amid the buzz of posing as the contention in the solar industry of India for its low tariff rates, Acme Solar mulls to sell off its 650 MW solar capacity
Acme Solar, reportedly, is planning to put up 650 MW of capacity on sale to generate funds for its future projects. However, Nikhil Dhingra, Acme CEO has denied the rumour saying that the company is doing good at finance and has no plans for sale.
The CEO said that Acme had a cash flow worth Rs. 550 crores annually and it would suffice to complete around 700 MW of assets annually. He informed that the firm needed some amount to execute around 400 MW of assets and its sponsors were interested in funding the projects completely if required in the future.
Acme solar projects
Acme Solar, recently, was able to grab the bid for a 2,400 MW capacity in a 3,000 MW tender by the Solar Energy Corporation of India (SECI). The association had cancelled all other bids it received following high rates by developers. Acme had quoted a tariff of Rs. 2.44 per unit for the SECI’s bid to implement the National Solar Mission.
The Acme CEO cited InvIT, an infrastructure investment trust, wherefrom it had planned to draw the funding for SECI’s project. The solar firm required an amount of Rs. 3000 crores to set up the 2,400 MW capacity in two years’ time.
Acme has also bagged the project for developing 200 MW at the Bhadla solar project with the lowest tariff of Rs. 2.44/unit till now in India. The firm has a capacity of 5.5 GW (Direct Current capacity), of which 2.4 GW is operational.
Solar developers in India have been expressing their discontent about the low solar power tariffs. They are of the view that the 2.5 per unit rate that has been set by the government will add on to the execution of solar power projects.