ACME Solar emerges winning bidder for 130 MW Railways Round-The-Clock Renewable Energy tender

ACME Solar Holdings Limited (ACME Solar) has emerged as the winning bidder for 130 MW under e-Reverse auction conducted by REMC Limited's (REMCL) 1000 MW Round-the-Clock (RTC) Renewable Energy project tender. The company's winning bid was Rs 4.35 per unit . The Letter of Award (LOA) is expected to be awarded within the timelines prescribed in the tender document.

This bid is for procurement of power by end user, i.e. Indian Railways, which requires consistent power profile throughout the day due to its unique load requirements. The Railways will enter into a direct Power Purchase Agreement (PPA) with the winning bidders without any intemediary. This bid and tariff discovered demonstrates the competitiveness of renewable energy to provide high CUF power throughout the day by co-locating Solar/wind and battery at most competitive price.

As part of this winning bid, ACME Solar will be required to supply renewable energy complemented with dispatchable sources and/or Energy Storage Systems (ESS) from ISTSconnected projects to ensure firm, round-the-clock clean power, in line with the obligations laid out in the tender document. It mandates a minimum annual availability of 75% for the first three contractual years from commissioning and 85% thereafter. This will necessitate a multiplier of contracted capacity of solar and battery installation with optimal amount of complementary wind power as and when required. ACME Solar will commission this project within 30 months of signing the PPA. This commissioning will be expedited by availability of land and connectivity available within the ACME portfolio.

Shares of ACME Solar Holdings Limited was last trading in BSE at Rs. 238.00 as compared to the previous close of Rs. 244.25. The total number of shares traded during the day was 59585 in over 1279 trades.

The stock hit an intraday high of Rs. 243.10 and intraday low of 236.40. The net turnover during the day was Rs. 14222484.00.

Source : Equity Bulls

Keywords

ACMESolarHoldings INE622W01025 WinningBidder 130MW Railways