ACME Group signs PPA for 30 MW project with Chhattisgarh State Utility

ACME Group, the leading solar power player in India, has signed the PPA for 30 MW solar PV power projects with Chhattisgarh State Power Distribution Company Limited.

As per the terms and conditions of the agreement, ACME Group would provide approx. 50 mn units power annually for a period of 25 years at a tariff of Rs. 6.46 / KWh.

Commenting on this momentous occasion, Mr. Manoj Kumar Upadhyay, Founder & Chairman, ACME Group said, "We thank the Chhattisgarh Government and Chhattisgarh State Power Distribution Company Limited (State Discom) for the opportunity given to us to partner with the state through green energy generation. We look forward to helping the state bring down its power demand-deficit and look forward to support from all stakeholders in making this state an ideal green State."

This project would entail an estimated investment of approx $40 mm/ Rs.210 crore.

The work on the project shall commence by June 2015 and will be commissioned by December 2015. This will be evacuated by 33 K & above line connecting the power plant to nearest grid.

The state is already leading in Thermal power generation by enabling effective utilization of its natural resources. The State Government now aims to promote renewable energy in a big way so as to achieve sustainable development in the state.

In October, ACME Group received final approval for credit facility of $100 mn loan from Asian Development Bank. US$ 50 mn shall be utilized in developing 100 MW projects in Rajasthan and the remaining amount of loan shall be used for its upcoming projects.

ACME has also sourced an investment from IFC in the form of an 'A' Loan of up to $34 million (Rs. 201.9 crores) for the 100 MW project in Rajasthan under the ambit of JNNSM. Earlier, IFC also funded Rs.73.10 crores for the 25 MW solar power project of the company in Madhya Pradesh which was commissioned early this year.

The company has an existing portfolio of 422.5 MW including 160 MW in Andhra Pradesh, 100 MW JNNSM Phase II Projects in Rajasthan and other projects in the states of Gujarat, Madhya Pradesh, Rajasthan, Odisha, Chhattisgarh, Assam, Uttar Pradesh and Bihar. The company aims to generate 1000 MW by the year 2017.

ACME Group showcased its prowess in solar PV technology through its 25 MW plant at Khilchipur, Madhya Pradesh that achieved a record output of 25 GWh in six months of installation, a record in maximum power output by any solar power plant of that scale.

In October ACME Group received final approval for credit facility of $100 mn loan from Asian Development Bank. US$ 50 mn shall be utilized in developing 100 MW projects in Rajasthan and the remaining amount of loan shall be used for its upcoming projects. ACME has also sourced an investment from IFC in the form of an 'A' Loan of up to $34 million (Rs. 201.9 crores) for the 100 MW project in Rajasthan under the ambit of JNNSM. Earlier, IFC also funded Rs.73.10 crores for the 25 MW solar power project of the company in Madhya Pradesh which was commissioned early this year.

The company has an existing portfolio of 422.5 MW including 160 MW in Andhra Pradesh, 100 MW JNNSM Phase II Projects in Rajasthan and other projects in the states of Gujarat, Madhya Pradesh, Rajasthan, Odisha and Chhattisgarh. The company aims to generate 1000 MW by the year 2017.

ACME Group showcased its prowess in solar PV technology through its 25 MW plant at Khilchipur, Madhya Pradesh that achieved a record output of 25 GWh in six months of installation, a record in maximum power output by any solar power plant of that scale.

Source : Equity Bulls

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