ACME Solar Holdings has received approval to withdraw from a 300 MW solar project without facing any penalties, marking a significant development in the company's project portfolio.

Project Background

The solar project in question was awarded to ACME Solar on February 6, 2024, under the Flexibility Scheme, with a proposed tariff of INR 2.53 per kWh. The project was to be developed through ACME Sigma Urja Private Limited, a special purpose vehicle (SPV) of the company.

Flexibility Scheme and Recent Developments

The Flexibility Scheme, introduced on April 12, 2022, aimed to provide flexibility in the generation and scheduling of thermal and hydro power stations by bundling them with renewable and storage energy. However, recent developments have led to changes in the scheme's implementation:

1. On January 21, 2025, the Ministry of Power issued an order making participation in the Flexibility Scheme voluntary.
2. A writ petition challenging provisions of the scheme was filed by West Bengal State Electricity Distribution Company Limited (WBSEDCL) in the Delhi High Court, which remains sub judice.

Exit Approval and Implications

On September 1, 2025, ACME Solar received confirmation from PFC Consulting Limited (PFCCL), the bid coordinator, that successful bidders could exit from their Letter of Award (LoA) without any penalties. This decision allows ACME Solar to:

• Withdraw from the 300 MW solar project
• Collect their Earnest Money Deposit (EMD)

Financial Impact

According to the company's disclosure, the project is currently not generating any revenue or profitability. As a result, ACME Solar stated that there would be no material impact on its current financial performance or profitability due to this exit.

Company Statement

Rajesh Sodhi, Company Secretary and Compliance Officer of ACME Solar Holdings Limited, confirmed the development in a regulatory filing dated September 2, 2025. The company has duly informed the stock exchanges about this update in compliance with SEBI regulations.

This strategic move allows ACME Solar to reallocate its resources and focus on other projects in its portfolio, potentially optimizing its operations in the evolving renewable energy landscape.

ACME Solar Holdings Limited , a prominent player in the solar energy sector, has received a significant boost to its growth plans. The company's Board of Directors has approved a proposal to raise funds up to Rs 3,000.00 crore through various securities issuance methods.

Fundraising Initiative

The Board of Directors, in a meeting held on August 27, 2025, gave the green light for this substantial fundraising effort. The company plans to raise the capital through the issuance of equity shares or other equity-linked instruments. The fundraising will be conducted in one or more tranches, utilizing various permissible modes such as qualified institutional placement (QIP), further public offer (FPO), private placement, or a combination of these methods.

Shareholder Approval and Regulatory Compliance

ACME Solar Holdings will seek an enabling approval from its shareholders at the upcoming 10th Annual General Meeting (AGM) scheduled for September 29, 2025. This approval will allow the company to raise funds up to Rs 3,000.00 crore as and when required, subject to necessary regulatory and statutory approvals.

Strategic Appointments and Re-appointments

In addition to the fundraising approval, the Board made several key decisions:

1. Joint Statutory Auditor: M/s A Prasad & Associates, Chartered Accountants, have been appointed as one of the Joint Statutory Auditors of the company. They will hold office from the conclusion of the 10th AGM until the 15th AGM in 2030, subject to shareholder approval.

2. Secretarial Auditor: M/s DMK Associates, Practicing Company Secretaries, have been appointed as the Secretarial Auditors for a five-year term from April 1, 2025, to March 31, 2030, pending shareholder approval.

3. Leadership Continuity: Mr. Shashi Shekhar has been re-appointed as Vice-Chairman and Whole-Time Director for an additional year, effective from April 9, 2026, subject to shareholder approval at the upcoming AGM.

Implications for Growth

This substantial fundraising initiative is expected to provide ACME Solar Holdings with significant capital for its operations and expansion plans. As a key player in the renewable energy sector, this financial boost could enable the company to capitalize on the growing demand for solar energy solutions and strengthen its market position.

The strategic appointments and re-appointments also signal the company's focus on maintaining strong corporate governance and leadership continuity, which are crucial for long-term growth and stability in the competitive solar energy market.