ACME Solar Holdings Ltd shares rose about 5% after the business reported the successful commissioning of an additional 90 MW of solar generating capacity in Rajasthan. This construction brings ACME’s total operational renewable power capacity to 2,453 MW, a significant milestone in its growth objectives.
In a regulatory filing, the company stated, “ACME Solar Holdings Limited (ASHL), through its wholly owned subsidiaries, ACME Dhaulpur Powertech Private Limited and ACME Raisar Solar Energy Private Limited, have commissioned the remaining capacity of 62 MW and 28 MW, respectively, on January 7, 2025.” Both facilities, which have rated capacities of 300 MW each, are now fully operational.
This achievement follows ASHL’s previous announcement on December 19, 2024, when the business reported the commissioning of 1,023.05 MW of solar power plants in Rajasthan. This continuous improvement demonstrates ACME’s dedication to expanding its renewable energy portfolio.
In December 2024, ACME Solar Holdings received ₹1,988 crore in finance from Power Finance Corporation (PFC) for a 300 MW solar-wind hybrid renewable energy project. This hybrid venture combines solar capacity in Bikaner, Rajasthan, and wind power generating in Bhuj, Gujarat. The project, which has a power purchase agreement (PPA) with NTPC, is scheduled to begin operations in June 2025, with all grid connectivity and land acquisition for the solar component completed.
ACME Solar was granted a 300 MW solar power project under the SECI-ISTS XVIII plan, with a tariff of ₹3.05 per unit. The business intends to use its under-construction ACME Sikar project in Rajasthan for this venture, utilizing existing grid infrastructure in Bikaner-2 to maximize efficiency.
The stock rose 4.8 per cent to a day high of ₹241.00. Despite recent advances, it is still almost 17% below its all-time high of ₹292.00, set on December 4, 2024. However, the stock has risen by 7.5% from its 52-week low of ₹224.00 on December 23, 2024.
ACME Solar shares still trade below their IPO price of ₹289. In November 2024, the stock was listed at a 13% discount to reflect initial market challenges. Nonetheless, the company’s high project completion rates and strong financial policies are restoring investor confidence.
