21 Oct 2024
On Friday, ACME Solar Holdings announced that its project special purpose vehicle, ACME Platinum Urja, has signed an agreement with the Solar Energy Corporation of India to provide power from its 150 MW hybrid solar capacity. This capacity is included in the total 350 MW awarded to ACME Solar Holdings (ASHL) by the Solar Energy Corporation of India (SECI), according to a company statement.
According to the statement, the project will be executed by ACME Platinum Energy Pvt Ltd, a special purpose vehicle established for this purpose. "CME Solar Holdings Limited (ASHL or the Company), via its Special Purpose Vehicle (SPV) ACME Platinum Urja Private Limited, has entered into a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) for a hybrid project that combines 150 MW of solar power integrated with Energy Storage Solutions (ESS)," it stated.
The project will be linked to the inter-state transmission system at the Tumkur-II substation in Karnataka, for which the company has submitted a request for connectivity with the Central Transmission Utility.
ASHL is proposing an initial public offering (IPO), subject to receipt of requisite approvals, market conditions, and other considerations, to offer its equity shares pursuant to the IPO and has filed a draft red herring prospectus dated July 2, 2024 (DRHP) with the Securities and Exchange Board of India (SEBI).
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