ACME Group to invest $ 107 mn in Telangana state

ACME Group, India's leading solar power player in India today announced that it has emerged as the successful Bidder for 80 MW solar PV power projects at the 500 MW tender opening under RFP floated by Southern Power Distribution Company of Telangana Limited (TSPDCTL).

As per the terms and conditions of the bidding document, the selected developer would sign 25 year long PPA with Telangana Discoms (TSSPDCL and TSNPDCL) on bided tariff. The project has to be commissioned within 10 months after signing of the PPA and the financial closure of the project must be done within 150 days after the signing of the PPA.

Commenting on this momentous occasion, Mr. Manoj Kumar Upadhyay, Founder & Chairman, ACME Group said, "We thank the Telangana government and Southern Power Distribution Company of Telangana Limited (TSSPDCL) & Northern Power Distribution Company Limited of Telangana (TSNPDCL) for choosing Solar Power to meet the energy demands of the state. In our mission towards green meeting energy needs of the country through green energy, we are proud to partner the state and offer our full support to achieve the dream to bring power to every house by 2019. With this addition, our solar power portfolio has reached ­ 502.5 MW and we are on way to generate 1000 MW by year 2017."

This project would entail an estimated investment of $ 107 mm (Rs. 660 crores)

Last month, 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.

Earlier, ACME 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 had 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, Assam, Bihar, Uttar Pradesh and Chhattisgarh. The company aims to generate 1000 MW by the year 2017.

Out of these, the 25 MW plant in Madhya Pradesh, 15 MW plant in Gujarat and 2.5 MW CSP in Rajasthan are fully operational, making its operational capacity at 42.5 MW. While other projects are at various stages of commissioning, the 100 MW Rajasthan projects are expected to be commissioned by April 2015.

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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