The stage for a massive solar power revolution in India is set and several local and international companies are lining up their business plans to take full advantage of this impending revolution. ACME Solar is one of those companies.
ACME Solar recently secured fresh rights to develop 50 MW of solar photovoltaic power projects in the southern Indian state of Telangana. The state had offered prospective project developers a cumulative capacity of 500 MW.
This project will entail an investment of $107 million. The company will sign a power purchase agreement with one of the local utilities of the state for a period of 25 years.
Telangana, one part of the erstwhile Andhra Pradesh, has reportedly been struggling to fulfil electricity demand and has been in a tussle with the new Andhra Pradesh state over power generation assets. Both the states have announced highly ambitious solar power programs and are looking to rapidly expand their respective solar power installed capacity.
ACME Solar is rapidly expanding its footprint in India. The company developed some of the very first solar power projects in the country. Just days earlier, the company announced that it emerged as the largest successful bidder in the Andhra Pradesh solar power auction. The company will develop 160 MW of solar power projects in that state, which would entail an investment of $210 million.
Last week also saw the company sign a power purchase agreement with a utility of Madhya Pradesh, another Indian state. As per the agreement, the company will sell power from a 30 MW solar PV project for 25 years at Rs 6.46 per kWh.
ACME Solar now has a cumulative solar power capacity of 502 MW commissioned or under development. The company plans to have an installed capacity of 1,000 MW by 2017.
Image Credit: ACME Solar
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