ACME Solar Secures Contract for 50 MW Renewable Energy Project; Shares Up 3%

MT Newswires Live

Sep 03

ACME Solar Holdings (NSE:ACMESOLAR, BOM:544283) has received a letter of award from Tata Power (NSE:TATAPOWER, BOM:500400) for a 50 MW firm and dispatchable renewable energy (FRDE) project, according to a Wednesday filing to the Indian stock exchanges.

The project has been awarded at a tariff of 4.43 Indian rupees per unit in a 250 MW FDRE tender floated by Tata Power.

The project will combine various renewable energy technologies, including solar and battery energy storage system (BESS), to meet the supply obligations under a 25-year power purchase agreement.

The project is expected to be completed in 24 months.

The company's shares were up nearly 3% in recent trade.

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