ACME Solar Holdings has officially commissioned the third phase of its 11.429 MW / 51.354 MWh Battery Energy Storage System (BESS) project in Rajasthan through its wholly owned subsidiary ACME Surya Power Private Limited. The company announced this milestone in a regulatory filing under Regulation 30 of SEBI listing regulations.

Project Commissioning Details

The third phase commissioning represents continued progress in the company's renewable energy infrastructure development. The Commercial Operation Date (COD) for Phase III has been set for March 31, 2026.

Project Progress and Capacity

With the commissioning of Phase III, ACME Surya Power Private Limited has achieved a total commissioned capacity of 107.143 MW / 481.440 MWh out of the project's full capacity of 250 MW / 1103.392 MWh. This follows the successful commissioning of earlier phases, demonstrating the company's systematic approach to project development and execution.

Strategic Location and Infrastructure

The BESS project continues to be strategically located at Village Jaimalsar in Bikaner district, Rajasthan. The state's supportive renewable energy policies and abundant solar resources make it an ideal location for large-scale energy storage infrastructure. The project's substantial capacity positions it as a significant contributor to grid stability and renewable energy integration in the region.

Regulatory Compliance

The announcement was made through a formal communication to both BSE Limited and National Stock Exchange of India Limited, demonstrating the company's commitment to transparent disclosure practices. The filing was signed by Rajesh Sodhi, Company Secretary and Compliance Officer, ensuring proper regulatory compliance under SEBI listing obligations.

ACME Solar Holdings has received a positive initiation from Investec, with the brokerage assigning a Buy rating and setting a target price of Rs 319. The recommendation reflects strong fundamentals and growth prospects in the renewable energy sector.

Key Investment Highlights

Investec's bullish stance is supported by several compelling factors that position the company for structural growth in the coming years.

Strong FDRE Positioning

The company's strategic focus on Firm and Dispatchable Renewable Energy (FDRE) stands out as a key differentiator. With a 49% FDRE mix, ACME Solar Holdings is well-positioned to capitalize on the growing demand for reliable renewable energy solutions that can provide consistent power supply.

Growth Trajectory and Financial Metrics

Investec projects robust financial performance with an impressive 63% EBITDA CAGR, indicating strong earnings growth potential. The improving Return on Capital Employed (ROCE) metrics, expected to reach 11-13%, demonstrate enhanced capital efficiency and operational effectiveness.

Capacity Expansion Plans

The company's planned capacity additions through FY28, supported by a substantial pipeline of approximately 5GW, provide clear visibility on future growth. This expansion strategy aligns with India's renewable energy targets and the increasing corporate demand for clean energy solutions.

Valuation Attractiveness

At approximately 8x FY28 EV/EBITDA multiple, Investec views the stock as attractively valued, offering investors an opportunity to participate in the structural growth of India's renewable energy sector.