ACME Solar Holdings said it plans to invest INR 17,000 crore to boost renewable energy capacity to 5 GW by 2026. “We intend to focus our new capacities on the revenue and margin accretive hybrid and FDRE [firm and dispatchable renewable energy] projects as a critical pivot in our business strategy,” said Nikhil Dhingra, CEO of the company. Dhingra added that ACME Solar plans to roll out its capacity expansion in two phases starting in April this year. The company is also mulling entry in nuclear energy segment.
As a broader strategy, ACME Solar aims to treble its current renewable capacity to reach 7 GW by 2028.
As of Dec. 31, 2024, ACME Solar’s portfolio stood at 6,970 MW, comprising 2,540 MW already operational and 4,430 MW under-construction projects. The under-construction projects include a mix of solar, wind, FDRE, and hybrid solutions. “These renewal projects have a short ‘capex to revenue’ cycle ensuring faster accretion of revenue and margin benefits,” stated ACME Solar.
ACME Solar expects its operational capacity of 2,540 MW to provide an annualized run-rate EBIDTA of up to INR 1800 crore. The capacity benefits from offtake contracts with central (67%) and state (33%) level agencies.
The company has invested approx. INR 4,400 crore in its 1.2 GW inter-state transmission system connected project in Jaisalmer, Rajasthan.
Through IPO proceeds, the company reduced its net debt by INR 2,070 crore, while also securing INR 16,500 additional debt for 1,700 MW under-construction hybrid and FDRE renewable energy projects.
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