ACME Solar Holdings shares climb 5% after commissioning 90 MW solar power capacity in Rajasthan
Shares of ACME Solar Holdings Ltd surged nearly 5 percent after the company announced the successful commissioning of an additional 90 MW of solar power capacity in Rajasthan. This development elevates ACME’s total operational renewable generation capacity to 2,453 MW, marking a significant milestone in its expansion plans.
In a regulatory filing, the company stated, “ACME Solar Holdings Limited (ASHL), through its wholly owned subsidiaries, ACME Dhaulpur Powertech Private Limited and ACME Raisar Solar Energy Private Limited, have commissioned the remaining capacity of 62 MW and 28 MW, respectively, on January 7, 2025.” Both plants, with a rated capacity of 300 MW each, are now fully operational.
This milestone comes on the heels of ASHL’s earlier announcement on December 19, 2024, when the company revealed the commissioning of 1,023.05 MW of solar power projects in Rajasthan. This consistent progress underscores ACME’s commitment to scaling up its renewable energy portfolio.
In December 2024, ACME Solar Holdings secured financing worth ₹1,988 crore from Power Finance Corporation (PFC) for a 300 MW solar-wind hybrid renewable energy project. This hybrid initiative integrates solar capacity in Bikaner, Rajasthan, with wind power generation in Bhuj, Gujarat. The project, which has a power purchase agreement (PPA) with NTPC, is expected to commence operations by June 2025, with all necessary grid connectivity and land acquisition completed for the solar component.
Additionally, ACME Solar was awarded a 300 MW solar power project under the SECI-ISTS XVIII scheme at a tariff of ₹3.05 per unit. The company plans to utilize its under-construction ACME Sikar project in Rajasthan for this initiative, leveraging existing grid infrastructure in Bikaner-2 to optimize efficiency.
Stock Price Performance
The stock climbed as much as 4.8 percent to reach a day’s high of ₹241.00. Despite the recent gains, it remains over 17 percent below its all-time high of ₹292.00, achieved on December 4, 2024. However, the stock has recovered by 7.5 percent from its 52-week low of ₹224.00, recorded on December 23, 2024.
Notably, ACME Solar shares are still trading below their IPO price of ₹289. The stock was listed at a 13 percent discount in November 2024, reflecting initial market challenges. Nonetheless, the company’s consistent project completions and robust financial strategies are fostering renewed investor confidence.
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