ACME Solar Inks Pact for 150 MW Hybrid Solar Project

New Delhi, Oct 18 (PTI) ACME Solar Holdings on Friday said its project special purpose vehicle ACME Platinum Urja has inked a pact with Solar Energy Corporation of India to supply power from its 150 MW hybrid solar capacity.

This capacity is part of the total 350 MW capacity awarded to ACME Solar Holdings (ASHL) by Solar Energy Corporation of India (SECI), a company statement said.

According to the statement, the project will be executed through ACME Platinum Urja Private Ltd, a special-purpose vehicle set up for this purpose.

"CME Solar Holdings Limited (ASHL or Company), through its Special Purpose Vehicle (SPV), ACME Platinum Urja Private Limited, has signed a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for a hybrid project with a capacity of 150 MW of solar power integrated with Energy Storage Solutions (ESS)," it said.

The project would be connected to an inter-state transmission system at Tumkur-II substation in Karnataka for which the company has applied connectivity with Central Transmission Utility.

The ASHL is proposing an initial public offer (IPO), subject to receipt of requisite approvals, market conditions and other considerations, to offer its equity shares pursuant to an IPO and has filed a draft red herring prospectus dated July 2, 2024 (DRHP), with the Securities and Exchange Board of India (SEBI).