ACME Solar Commissions 100 MW Capacity Under India’s National Solar Mission
Capacity addition under India’s National Solar Mission seems to be progressing well just before the government plans to significantly expand the mission, with ACME Solar announcing the commissioning of 5 solar photovoltaic power projects.
ACME Solar, which was awarded 5 solar photovoltaic power projects through competitive bidding under the first batch of National Solar Mission phase 2, has announced that all those projects have now been commissioned. The total capacity of these projects is 100 MW. ACME Solar was one of the leading winners of the projects allocated under the auction.
The results of the auction were announced in early 2014. A total capacity of 750 MW was auctioned — 375 MW capacity under the Domestic Content Requirement segment (where developers were required to use modules manufactured in India), and another 375 MW capacity under the open category (where developers were free to use Indian-made or imported modules). Tariffs, for 25-year power purchase agreement, were around ¢9 per kWh without any tax incentives.
Developers were required to place bids for the financial aid they would require to set up the projects. A maximum of 30% financial aid was offered by the government.
Of the 5 projects secured by ACME Solar and its subsidiaries, one project was mandated to use Indian-made modules. The project would receive a total of just over $400,000 financial aid, while the remaining 4 projects allocated under the open category would receive between around $163,000 and $216,000 per MW capacity. The per MW cost for setting up these projects is estimated at around $1.3 million. The International Finance Corporation also provided debt financing to these projects.
According to the Ministry of New & Renewable Energy (MNRE), as on 29 May 2015, of the total 750 MW capacity allocated, 505 MW capacity have been commissioned, majority of which are open category projects.
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