Mumbai, Oct. 23 -- ACME Solar has signed a 25-year power purchase agreement to supply 300 megawatts (MW) of peak power to the state-owned Solar Energy Corporation of India (SECI), with deliveries scheduled to begin in April 2028. The contracted tariff under the agreement is Rs. 6 per unit.
The agreement was signed by ACME Greentech Twenty, a wholly owned subsidiary of ACME Solar, under the ninth tranche of the Firm and Dispatchable Renewable Energy (FDRE) programme. The contract provides for supplies to start on April 6, 2028, and continue for 25 years from that date.
FDRE projects are structured to provide renewable electricity when required rather than only during periods of sunlight or wind. Such projects generally combine renewable generation with storage and other resources to make power availability more predictable.
ACME Solar said in a regulatory filing that the contract had been awarded by a domestic entity. It added that its promoters, promoter group and group companies had no interest in SECI, and that the agreement did not qualify as a related-party transaction.
Separately, ACME Solar reported a 79.9 per cent year-on-year increase in consolidated profit after tax to Rs. 2.35 bn for the June quarter of FY27. Revenue rose 63.3 per cent to Rs. 9.54 bn from Rs. 5.84 bn in the year-ago quarter, while earnings before interest, tax, depreciation and amortisation increased 56.5 per cent to Rs. 8.31 bn from Rs. 5.31 bn.
The EBITDA margin narrowed to 87.1 per cent from 90.9 per cent, partly because expenses included power purchased for battery storage operations. The profit-after-tax margin improved to 24.7 per cent from 22.4 per cent, while shares closed 0.60 per cent higher at Rs. 410.05 on October 16.
Published by HT Digital Content Services with permission from Construction World.