Acme Solar Holdings Ltd. is aiming for a capacity of 10 GW by 2030, a target that will be achieved by a significant addition of projects to its renewable energy portfolio, according to Group Chief Financial Officer Rajat Kumar Singh.
"We have already stated that by 2028, we are looking to operationalise 6,970 MW and then go up to 10,000 MW in 2030," he said during a conversation with NDTV Profit on Monday. "So, it's a journey in that direction."
The company has earmarked Rs 17,000 crore for FY27 to support its firm-and-dispatchable-renewable-energy capacity expansion. "Because of our targeted execution of FDRE capacities in FY27, which is basically Rs 17,000 crore, we have already tied up the debt for it," the top executive underlined.
"This year, the capex would not be that large because out of 550 MW we have committed, we have already completed 450 MW. The 100 MW is also in the advanced stage of completion," he said.
Rajasthan remains a key focus for the company's solar projects. Singh noted that solar plants in Rajasthan achieve a capacity utilisation factor of approximately 29.4%, contributing to an overall CUF of 25.6%. "And because the Rajasthan weightage is going to increase, this will slightly rise going forward."
The company recently bagged multiple projects. Firstly, it secured a 25-year power purchase agreement with the Solar Energy Corp for 300 MW solar capacity in Rajasthan. The project has a tariff of Rs 3.05 per unit. It signed a 25-year PPA with NHPC for its 250 MW FDRE project in Rajasthan.
The company has also secured a standalone battery-energy-storage-system project from NHPC. For the BESS project, the company is eligible for viability gap funding of Rs 27 lakh per MWh, or 30% of the total project cost, whichever is lower. The company will execute the project over the next 18 months.
"This standalone battery project, which we have won, will generate additional revenue of Rs 60 to Rs 70 crore. So, the amount of financing that will be required is net of this viability gap funding and will be typically funded as any debt-equity ratio, 75:25, typically during the construction stage," he highlighted. "And the tenor of the debt that we typically tie for our projects is 18–20 years."
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