ACME Solar Holdings shares closed over a percent higher at Rs 239 after the company announced it had secured Rs 1,988 crore in financing from Power Finance Corporation (PFC) for a 300 MW solar-wind hybrid renewable energy project. The stock hit an intraday high of Rs 247.
The company is progressing on its hybrid renewable energy project, which combines solar power in Bikaner, Rajasthan, and wind energy in Bhuj, Gujarat. The project is supported by a power purchase agreement (PPA) with NTPC, has secured grid connectivity, and fully acquired land for the solar component. Operations are expected to begin by mid-2025.
Separately, ACME Solar has won a 300 MW solar project under the SECI-ISTS XVIII scheme with a tariff of Rs 3.05 per unit. To fulfill this commitment, the company plans to reallocate capacity from its under-construction ACME Sikar project in Rajasthan, utilizing existing grid infrastructure at Bikaner-2. This SECI project benefits from an Inter-State Transmission System (ISTS) waiver, which incentivizes renewable energy projects operational by mid-2025.
ACME Solar Holdings recently debuted on the stock market, listing at a discount of over 13 percent from its issue price of Rs 289. The Rs 2,900-crore IPO of the Gurugram-based company had a price band of Rs 275 to Rs 289 per share and was subscribed 2.75 times.
Despite the recent upward movement, ACME Solar shares have declined by 5 percent over the past month.