ACME Solar Commissions 112.5 MW at Sikar Solar Project

ACME Solar Commissions 112.5 MW at Sikar Solar Project

ACME Solar Holdings Ltd has commissioned an additional 112.5 megawatts (MW) at its solar power project in Sikar, Rajasthan, taking the total operational capacity at the site to 165 MW out of a planned 300 MW, the company said.

The second-phase commissioning, completed on May 19, follows an initial 52.5 MW commissioned earlier this month. The remaining capacity is under active development and is expected to come online soon.

Capacity Jumps To 2.7 GW

With this milestone, the renewable energy developer’s total installed capacity has risen to 2,705 MW from 2,592.5 MW. Once fully operational, the Sikar project is projected to generate around 780 million kilowatt-hours (kWh) of clean electricity annually, enough to power over 1.5 lakh Indian homes, the firm said in a regulatory filing. 

Power from the project will be sold on India’s power exchanges on a merchant basis, the company said, adding that allocation will be optimised based on commercial performance.

ACME’s 10 GW Target

ACME Solar, one of India’s renewable energy firms, is targeting a portfolio of 10 gigawatts (GW) by 2030. It currently has more than 4.2 GW under construction, including solar, wind and hybrid projects.

In recent months, the company has strengthened its balance sheet through refinancing deals. In April, it secured ₹2,491 crore in long-term funding from SBI and REC Ltd to refinance 490 MW of operational projects across Andhra Pradesh, Rajasthan, and Punjab. The financing helped reduce the average interest rate on its debt to 8.8%.

ACME has also moved into solar equipment manufacturing. It has built a solar module facility in Jaipur with a 1.2 GW annual capacity. The firm expects the vertical to generate ₹10,000 crore in revenue by 2030.

ACME is also preparing to commission its maiden wind power project, as part of its expansion into non-solar renewable energy. The firm is exploring hybrid and dispatchable clean energy solutions in line with India’s 2070 net-zero goals.