ACME Solar Holdings Limited , a leading player in India's renewable energy sector, has achieved a significant milestone in its expansion efforts. The company's wholly-owned subsidiary, ACME Hybrid Urja Private Limited, has successfully secured long-term project financing of INR 3,184.00 crore from REC Limited for the development of a 280 MW Firm & Dispatchable Renewable Energy (FDRE) Project.

Project Details

The project, which combines solar and Battery Energy Storage System (BESS) technologies, is designed to meet a minimum annual capacity utilization factor of 40% and peak hours availability of 90% monthly. This innovative approach ensures higher predictability and dispatchability of renewable energy, addressing one of the key challenges in the sector.

Financing and Contract Terms

REC Limited will serve as the sole lender for this project, providing long-term financing for 18 years. This marks REC's third financing initiative for ACME Solar's FDRE projects, following earlier financing of two other FDRE projects with a cumulative capacity of 570 MW. The repeated collaboration underscores the strong confidence of leading lenders in ACME Solar's project development and execution capabilities.

ACME Hybrid Urja Private Limited has signed a 25-year Power Purchase Agreement (PPA) with NHPC at a tariff of INR 4.64 per unit. This long-term agreement ensures a stable revenue stream for the project while providing clean energy at a competitive rate.

Impact and Significance

The project is expected to contribute significantly to reducing greenhouse gas emissions and support India's energy transition goals. It aligns with the government's ambitious renewable energy targets and demonstrates the growing confidence in India's renewable energy sector.

ACME Solar's Portfolio

ACME Solar Holdings Limited has established itself as one of the top 10 renewable energy Independent Power Producers in India. The company boasts an impressive portfolio:

The company's diverse portfolio spans across solar, wind, storage, hybrid, and FDRE projects, positioning it as a fully integrated renewable energy player in the Indian market.

Future Outlook

With this latest financing secured, ACME Solar continues to strengthen its position in the renewable energy sector. The company's focus on innovative technologies and its ability to secure long-term financing and PPAs indicate a promising future in India's evolving energy landscape.

As the renewable energy sector in India continues to grow, projects like this 280 MW FDRE initiative by ACME Solar are likely to play a crucial role in meeting the country's clean energy objectives and reducing its carbon footprint.

ACME Solar Holdings Limited , a prominent player in the renewable energy sector, has announced significant changes to its senior management team, marking a strategic shift in its leadership structure.

New Appointments Bolster Key Departments

The company has made three key appointments, all effective from August 18, 2025:

1. Sarthak Sengupta joins as Vice President-Procurement
2. Pankaj Bhandula takes on the role of Executive Vice President-Land
3. Harjinder Kamboj steps in as Vice President-Quality

These appointments, approved by the Board of Directors based on recommendations from the Nomination and Remuneration Committee, aim to strengthen ACME Solar's core operations.

Experienced Professionals at the Helm

The new executives bring a wealth of experience to their roles:

• Sarthak Sengupta, with nearly 20 years in strategic sourcing and procurement, recently led major equipment orders for ACME Solar. His expertise spans market intelligence, procurement audit, and compliance. Sengupta's background includes stints at Amplus Solar, TTL Ltd., and Blue Star Ltd.

• Pankaj Bhandula brings over 30 years of experience in strategic planning and land acquisition. A Chartered Accountant and ICWA (Int.), Bhandula has played a crucial role in evaluating and acquiring land for ACME's diverse project portfolio across multiple states.

• Harjinder Kamboj, armed with over 30 years in quality management, brings expertise in project quality management, supply quality, and vendor development. His prior associations include Adani Green Energy Ltd. and Azure Power India Pvt. Ltd.

All three new appointees will report directly to the Chief Executive Officer.

High-Level Departures

Simultaneously, ACME Solar announced the resignation of two senior executives:

1. Manish Jha, Chief Operating Officer, Renewable Business (effective August 8, 2025)
2. Dinesh Chadha, President, Renewable Energy (effective August 14, 2025)

Both executives have cited personal reasons for their departures.

Looking Ahead

These management changes come at a crucial time for ACME Solar, as the company continues to expand its renewable energy portfolio. The new appointments are expected to drive efficiency in procurement, land acquisition, and quality management – all critical aspects of the company's ongoing and future projects.

ACME Solar's ability to attract high-caliber talent underscores its position in the competitive renewable energy market. As the company navigates these leadership transitions, stakeholders will be keenly watching how these changes impact its operational efficiency and strategic direction in the evolving energy landscape.

The company has also announced an upcoming interaction with investors and analysts at the Emkay Confluence event on August 13, 2025, in Mumbai, potentially providing more insights into these recent developments and future strategies.