BOM:544283

ACME Solar Commissions 2.29 GWh of Battery Storage Capacity This Fiscal Year

ACME Solar (NSE:ACMESOLAR, BOM:544283) has commissioned about 2.29 gigawatt-hours (GWh) of battery energy storage system (BESS) capacity so far in the current fiscal year, according to a Thursday exchange filing.The additions take its total operational BESS capacity to about 3.62 GWh across three project sites in Rajasthan.Separately, ACME Solar said a root cause analysis of the July 17 incident at its Suryodaya BESS facility in Pokhran, Rajasthan, found that an electrical short circuit in AC cables between the transformer and the power conversion system caused a localized fire and equipment shutdown.The company said the fire was quickly contained without damaging other equipment, and restoration work has been completed.

ACME Solar Unit Signs 300 MW Hybrid Power Purchase Agreement

ACME Solar Holdings (NSE:ACMESOLAR, BOM:544283) said its wholly owned subsidiary, ACME Renewtech Fifth, has signed a power purchase agreement with Solar Energy Corp. of India Ltd. for a 300 MW wind-solar hybrid project.The project was awarded under Hybrid Tranche IX at a tariff of 3.25 rupees per unit, according to an Indian bourse filing on Tuesday.The power purchase agreement has a tenure of 25 years from the scheduled commencement of supply date. The project is scheduled to begin supplying power on June 30, 2028.

ACME Solar Secures INR26.5 Billion Financing from REC for Renewable Energy Project

ACME Solar (NSE:ACMESOLAR, BOM:544283) secured 26.5 billion rupees in long-term project financing from REC (NSE:RECLTD, BOM:532955) for its 450 megawatt/1,800-megawatt-hour firm and dispatchable renewable energy project, according to a Thursday exchange filing.The funding will be used to develop and construct the project, with REC serving as the sole lender over a 20-year term.The project will supply power to SJVN (NSE:SJVN, BOM:533206) under a 25-year power purchase agreement at a tariff of 6.74 rupees per unit.

JM Financial Institutional Securities Downgrades Acme Solar Holdings to Reduce From Buy; Price Target is INR367

Acme Solar Holdings (NSE:ACMESOLAR, BOM:544283) has an average rating of buy and mean price target of 364.45 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

ACME Solar Completes INR28 Billion via QIP; Shares Jump 4%

ACME Solar Holdings (NSE:ACMESOLAR, BOM:544283) said it has completed its qualified institutional placement (QIP), raising 28 billion Indian rupees from institutional investors, according to a Friday filing.The issue saw participation from domestic mutual funds, insurance companies and foreign investors, including SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, BlackRock, Goldman Sachs, and Abu Dhabi Investment Authority, among others, the filing said.The company said it will use the proceeds to reduce leverage and strengthen its balance sheet.ICICI Securities and IIFL Capital Services were the book-running lead managers for the issue.Shares of the company jumped nearly 4% in recent trade.

ACME Solar Raises INR28 Billion Through QIP

ACME Solar Holdings (NSE:ACMESOLAR, BOM:544283) raised about 28 billion rupees through a qualified institutional placement, which closed on June 4, according to a same-day filing on Indian bourses.Shares of the company jumped nearly 4% in early trade on Friday.The company issued around 100.2 million equity shares to eligible investors at 279.50 rupees apiece, reflecting a discount of 4.97% to the floor price of 294.13 rupees per share, the filing said.

ACME Solar Incorporates New Renewable Energy Subsidiary

ACME Solar Holdings (NSE:ACMESOLAR, BOM:544283) incorporated a wholly owned subsidiary, ACME Greentech Twenty One, in Gurugram, Haryana, according to a Monday filing on Indian bourses.Shares of the company fell over 1% in Tuesday's trade.The subsidiary has been set up to develop, establish and operate power generation and renewable energy projects, the filing said.

ACME Solar Commissions Additional Battery Storage Capacity in Rajasthan

ACME Solar Holdings (NSE:ACMESOLAR, BOM:544283), through its subsidiaries ACME Sun Power and ACME Surya Power, commissioned additional battery energy storage system capacity in Rajasthan, India, on May 11, according to two separate filings on Monday.Shares of the company fell nearly 1% in Tuesday's trade.ACME Sun Power commissioned 33.333 MW/160.484 MWh capacity at Phalodi and Jodhpur, while ACME Surya Power commissioned 35.715 MW/160.512 MWh capacity at Bikaner, the filings said.Commercial operations for both projects will commence on May 13, it added.

Acme Solar Holdings' Consolidated Profit Grows in Fiscal Q4; Shares Down 3%

Acme Solar Holdings' (NSE:ACMESOLAR, BOM:544283) consolidated profit rose to 1.39 billion Indian rupees in the fiscal fourth quarter ended March 31, from 1.23 billion rupees a year ago.Earnings per share came in at 2.27 rupees from 2.14 rupees a year earlier, according to a Friday filing to the Indian stock exchanges.Revenue from operations in fiscal Q4 also increased to 5.48 billion rupees from 4.87 billion rupees a year ago.The company's shares were down nearly 3% in recent trade.

ACME Solar Operationalizes 2 GWh Battery Energy Storage System Capacity in Rajasthan, India

ACME Solar Holdings (NSE:ACMESOLAR, BOM:544283) has operationalized over 2 GWh battery energy storage system (BESS) capacity in Rajasthan, India, according to a Wednesday filing to the Indian stock exchanges.With this, the company's total operational BESS capacity cumulatively stands at 591.18 MW / 2031.24 MWh across various subsidiaries in Rajasthan.The company plans to operationalize 10 GWh of BESS by 2027.The company's shares were up nearly 2%.

ACME Solar Unit Secures Commissioning Certificate for 16 MW Wind Project in Gujarat, India

ACME Solar Holdings (NSE:ACMESOLAR, BOM:544283) said its subsidiary ACME Eco Clean Energy has received a commissioning certificate for a 16 MW wind power project in Gujarat, India, according to an Indian bourse filing on Friday.Shares of the company rose nearly 1% in Monday's trade.The project is located across multiple villages in Surendranagar district, the filing said.

Antique Stock Broking Starts Acme Solar at Buy with INR363 Price Target