ACME Solar commissions first phase of 52.5 MW out of 300 MW solar project in Rajasthan

Renewable energy company ACME Solar Holdings has successfully commissioned the first phase of its solar power project in Bikaner, Rajasthan. The current commissioning of 52.5 megawatt (MW) is part of the 300 MW solar project to be fully commissioned in phases, the company said in a release today.

“ACME Solar has successfully commissioned the first phase of ACME Sikar Solar power project in Bikaner, Rajasthan,” the company said in a statement.

With this milestone, the company's total operational capacity has increased from 2,540 MW to 2,592.5 MW.

As per the Gurgaon-based company, strategically located in one of India’s highest solar irradiation zones, the solar plant is poised to be an important contribution to India’s renewable energy goals.

The ACME Sikar Solar power project is spread across 1,300 acres in Bikaner, Rajasthan. The clean energy harnessed through this project is pooled at inverter stations and stepped up for evacuation to Bikaner-II grid using a dedicated single circuit 220 kV transmission line.  Financed through PFC Limited, this project is anticipated to generate approximately 780 million units of clean energy annually following its full commissioning.

The power generated from the project will be sold on power exchanges on merchant basis and it shall be suitably allocated based on optimal commercial utilization, the release noted.

ACME Solar Holdings is a leading integrated renewable energy player with a diversified portfolio of 6,970 MW spanning solar, wind, FDRE and hybrid solutions. With this commissioning, the operational capacity of ACME Solar stands at 2,592.5 MW with another 4,377.5 MW at various stages of implementation.

Last month, CRISIL Ratings assigned 'AA-’ rating with stable outlook to long-term bank facilities of ACME Dhaulpur Powertech Private Limited (ADPPL), wholly owned subsidiary of ACME Solar. This rating is assigned to 300 MW ISTS solar power project located in Jaisalmer, Rajasthan for its ₹990 crore term loan facility from Indian Renewable Energy Development Agency Limited (IREDA).

CRISIL factored in robust revenue visibility, strong financial metrics & debt servicing capability, and a secure cash flow mechanism as key strengths for the rating. The rating reflects ADPPL’s strong operational profile supported by a 25-years Power Purchase Agreement (PPA) with Solar Energy Corporation of India Limited (SECI). The fixed tariff for 25 years ensures long-term cash flow predictability, while SECI’s track record of timely payments further enhances the credit profile.

Further, CRISIL highlighted that project was delivered at an efficient capital cost and is currently delivering above predicted generation, further supporting project’s strong financial and operational outlook.