ACME to develop 110 MW of solar in India

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ACME Group has won 80 MW in a tender in the Indian state of Telangana and signed a power purchase agreement (PPA) in the neighboring state of Chhattisgarh for another 30 MW of PV projects.

The company emerged as the successful bidder for 80 MW in a 500 MW tender held by Southern Power Distribution Company of Telangana Limited (TSPDCTL).

ACME will invest an estimated $107 million in the Telangana project. The group will also sign a 25-year PPA with TSSPDCL and Northern Power Distribution Company Limited of Telangana (TSNPDCL) for the 80 MW plant.

ACME founder and Chairman Manoj Kumar Upadhyay said the company offered its full support to the state in achieving "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 the way to generate 1,000 MW by 2017."

In Chhattisgarh, ACME signed a 25-year PPA for 30 MW of PV projects with Chhattisgarh State Power Distribution Company Limited at a tariff of INR 6.46 ($0.105) per kilowatt hour.

ACME estimates the Chhattisgarh project will cost some $40 million. Work on the plant is scheduled to start in June.

Last month, ACME received final approval for $100 million credit facility from the Asian Development Bank. The company will use $50 million to develop 100 MW projects in Rajasthan and the remaining amount of the loan for upcoming projects.

The World Bank’s International Finance Corporation (IFC) has also provided ACME with a loan of up to $34 million for the 100 MW project in Rajasthan as part of the country’s Jawaharlal Nehru National Solar Mission (JNNSM). The IFC also put up nearly $12 million for the company’s 25 MW solar project in the state of Madhya Pradesh, commissioned early this year.

ACME 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 throughout India. The company aims to generate 1 GW by 2017.