### **Overview** ACME Solar Holdings Limited (ASHL), established in 2015 and promoted by first-generation entrepreneur Manoj Kumar Upadhyay, is one of India’s leading fully integrated Independent Power Producers (IPPs) focused on utility-scale renewable energy. The company ranks among the **top 10 renewable energy IPPs in India** and completed its **Initial Public Offering (IPO) in November 2024**, becoming one of the first pure-play renewable energy firms listed on Indian stock exchanges. ASHL is transitioning from a solar-centric model to an integrated renewable energy platform offering **Firm and Dispatchable Renewable Energy (FDRE), hybrid solutions, wind, solar, and battery energy storage systems (BESS)**. --- ### **Portfolio and Operational Highlights (as of FY2025 / March 31, 2025)** - **Total Contracted Portfolio**: **6,970 MW** of renewable energy capacity (solar, wind, hybrid, FDRE) - **Operational Capacity**: **2,890 MW** (up from 2,540 MW as of March 31, 2025, following post-reporting commissioning of 350 MW) - Includes: - **1,200 MW** ISTS-connected solar project in Jaisalmer, Rajasthan — one of India's largest single-site solar farms - **300 MW** commissioned in Rajasthan (solar) - **50 MW wind project** in Gujarat (Shapar) - **Under Construction**: **~4,080 MW** in various stages, including: - **2.24 GW** with signed PPAs or BESPAs - **1.84 GW** with Letters of Award (LoA), pending PPA execution - **Battery Energy Storage Systems (BESS)**: - **550 MWh** of standalone BESS projects secured under PPAs/BESPAs - Entered BESS market as an early mover, with **~10 GWh** of BESS under implementation or development --- ### **Project Execution and Capabilities** ACME operates as a **fully integrated IPP** with **in-house EPC and O&M capabilities**, enabling full control over project lifecycle: - **End-to-End Capabilities**: Land acquisition, tendering, engineering, procurement, construction, and O&M - **Land & Grid Readiness**: - Secured over **25,000 acres** across 12 Indian states - Grid connectivity secured for **entire operational and under-construction portfolio**, with **2,500 MW surplus connectivity** reserved - **Execution Efficiency**: - Achieved **29.2% bid success ratio** in FY2025 - Delivered the 1,200 MW ISTS project **on time** via modular execution - Commissioned **350 MW additional capacity post-March 2025** - **Technology Innovation**: - Deploying **autonomous robots** for grass/weed control across solar plants - Testing **perovskite solar modules** (50–100 kW pilot stage) for improved low-light performance - Developing **new solar plant designs** reducing land use by 15–20% - Adopting **bifacial modules** and **gas-insulated substations (GIS)** for enhanced efficiency and reliability --- ### **Financials and Capital Strategy** - **Revenue Visibility**: - All power sold under **25-year fixed-tariff PPAs** with state and central government off-takers - **86% of portfolio contracted to central government entities** (SECI, NTPC, NHPC, SJVN) rated AAA or AA, ensuring high credit quality - **Funding & Cost Management**: - Secured **~INR 16,515 crore** (INR 165,151 million) in financing for 1,700 MW of new projects - Refinanced operational debt, reducing borrowing costs by **~75 bps** - Long-term debt facilities from SBI, REC, and PFC with **18–20 year tenors** - Debt-equity mix: 75:25 to 80:20 across projects - **Cost Control**: - Price locks on key long-lead items (turbines, batteries, PCS, transformers) - Currency hedging in place for imported components - Leveraging early procurement and group-level vertical integration --- ### **Technology and Diversification Beyond Power Generation** - **Green Ammonia**: Developing a **100 KTPA green ammonia project in Oman** via subsidiary ACME Cleantech - **Supply Chain Integration**: - Commissioned a **1.2 GW ALMM-certified solar module manufacturing plant** in Rajasthan via MKU Holdings - Enhances vertical integration and cost control - **Energy Security Focus**: Positioning as an architect of India’s renewable infrastructure in line with national climate and energy goals --- ### **Key Financial and Project Metrics (FY2025)** | Metric | Value | |------|-------| | **Operational Capacity** | 2,890 MW | | **Under Construction** | ~4,080 MW | | **Total Contracted Portfolio** | 6,970 MW (plus 550 MWh BESS) | | **PPAs Secured** | 2,340 MW (as of Oct 2025) | | **New Projects Won (FY25)** | 1,900 MW | | **Portfolio CUF** | ~25.6% (FY2025) | | **Land Under Management** | >25,000 acres | | **Annual Generation (FY25)** | ~401 crore units (+55% YoY) | | **Plant Availability** | 99.5% (industry-leading) | | **Tariff Range** | INR 2.90 – INR 15.00/kWh (tiered and fixed) | ---