ACME Group is planning to diversify into solar panel manufacturing, with the commissioning of its first plant in Jaipur by January 2025.
MKU Holdings, an ACME group company, is setting up a 1.2 GW solar panel manufacturing plant to meet domestic as well as export requirements, people close to the development told NDTV Profit.
The company doesn't want to restrict itself to meeting captive or domestic requirements alone, as margins on exports are much higher, the people spoken to said.
The company has spent close to Rs 200 crore on the latest tunnel oxide passivated contact (TOPCon) technology and may look at expanding the capacity depending on requirements going ahead. TOPCon is a type of solar cell technology that improves the efficiency of the cell by increasing light absorption.
The company is also evaluating setting up a solar cell manufacturing plant with a similar capacity, as India has come out with the approved list of cell manufacturers. The investment estimate for solar cells is yet to be finalised, the people said.
India introduced an approved list of models and manufacturers for solar panels in 2021, which restricts manufacturers not on the list from selling parts to Indian power projects.
International manufacturers have not been approved as of date, which means large Chinese players, who were the major suppliers of solar panels and raw material (over 85%) to India, have been crippled from supplying the panels for Indian projects.
Once the approved list for solar cells gets implemented in June 2026, it would completely stop the import of solar panel raw materials to the country as well, unless the international companies are approved under the list.
ACME Solar Holdings Limited, a group company that went public on Nov. 13, currently has an operational portfolio of 2.6 GW of renewable energy projects. The company plans to expand this to 7 GW by 2027 and 10 GW by 2030.
ACME Solar Holdings stock rose as much as 4.44% during the day to Rs 246.90 apiece on the NSE. The stock closed 1.67% higher at Rs 240.35 per share. This compares with a 0.10% advance in the benchmark Nifty 50. It has fallen 5.06% since its listing.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.