ACME to invest Rs 660-cr in Telangana to build solar plants

ACME Group will invest Rs 660 crore for executing 80 MW solar photo voltaic power projects, of the 500 MW capacity power projects tendered in Telangana.
The company emerged as the successful bidder for 80 MW solar PV power projects at the 500 MW tender opening under RFP (Request for Proposal) floated by Southern Power Distribution Company of Telangana Limited (TSPDCTL).
"As per the terms and conditions of the bidding document, the selected developer would sign 25 year long Power Purchase Agreement (PPA) with Telangana discoms on bidded tariff," ACME said in a statement.
The project has to be commissioned within 10 months after signing of the PPA and the financial closure of the project must be done within 150 days after the signing.

"We thank the Telangana government and Southern Power Distribution Company of Telangana Limited (TSSPDCL) & Northern Power Distribution Company Limited of Telangana (TSNPDCL) for choosing Solar Power to meet the energy demands of the state," Manoj Kumar Upadhyay, Founder & Chairman, ACME Group said.
With this addition, our solar power portfolio will reach 502.5 MW and we are on way to generate 1,000 MW by year 2017, he added.
The projects would entail an estimated investment of Rs 660 crore, the statement said.