ACME Solar wins bid for 30 MW projects

ACME Solar, the leading solar power player in India, a JV between ACME CSL, EDF EN and EREN, today announced that it has emerged as the developer for 30 MW solar PV power projects at the bid-opening event at Raipur under RFP floated by Chhattisgarh State Power Distribution Company Limited (CSPDCL) on April 01, 2014.

As per the terms and conditions of the bidding document, the selected developer would sign 25 year long PPA with the CSPDCL on the uniform tariff submitted in the bid.

Commenting on this momentous occasion, Mr. Manoj Kumar Upadhyay, CEO, ACME Solar said, "This contract was won in a fierce tariff-based competition among 16 developers of international fame. It is a testimony to the prowess of ACME Solar and further strengthens our emergence as the leading solar power producer in the country. With this addition, our solar power portfolio has reached 180 MW and we are on way to generate 1000 MW by year 2017. We thank the Chhattisgarh State Authorities and look forward for support from all stakeholders to help us in achieving the dream of making Chhattisgarh a model state for energy-efficiency."

This project would entail an estimated investment of $ 40 mm/ Rs. 240 crores.

As per Chhattisgarh State Regulatory Commission order dated September 18, 2013 the distribution licensee shall prepare a plan for procurement of power from RE source under its long term power procurement plan so as to comply with minimum RPO target of 6.75% (of total consumption) by FY 2014-15.

ACME Solar is a three-way joint venture between ACME Cleantech Solutions Limited, EDF Energies Nouvelles (EDF EN), the renewable energy arm of French state-run electricity utility Électricité de France S.A., and Luxembourg-based natural resources saving group EREN.

Source : Equity Bulls

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