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ACME Solar Holdings hits upper circuit: Shares of recently listed ACME Solar Holdings were buzzing in trade as the scrip soared as much as 10 per cent to hit the upper circuit at Rs 251.90 per share on Monday, November 18, 2024.
ACME Solar Holdings' stock surged after its wholly-owned subsidiary, ACME Sun Power Private Limited, secured term loan financing of Rs 3,753 crore from REC Limited for the development & construction of a 320 MW Firm and Dispatchable Renewable Energy (FDRE) projects in collaboration with SJVN.
The project will utilise high-resource potential areas, with solar capacity located in Jaisalmer, Rajasthan, and wind sites in Bhuj and Jam Khambhaliya, Gujarat, ACME Solar Holdings said in a statement.
Manoj Kumar Upadhyay, chairman and founder of ACME Solar Holdings Limited, said, “We are delighted to receive this financial assistance, which reinforces the trust and confidence of our lenders. This funding is a significant step in strengthening our commitment to building world-class FDRE renewable energy projects and contributing to India’s green energy transition.”
A Power Purchase Agreement (PPA) has been signed with SJVN, and grid connectivity has already been secured. The land acquisition process is also in its advanced stages, the company said in a statement.
Furthermore, REC Limited is the sole lender for the project, reflecting its confidence in ACME Solar’s execution capabilities.
In a related development, ACME Surya Power Private Limited, another FDRE project, recently obtained financing from REC Limited for a 250 MW FDRE project.
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“These projects are poised to enhance India’s renewable energy footprint, providing sustainable and clean energy solutions in line with the government’s ambitious renewable energy goals,” said ACME Solar Holdings
ACME Solar Holdings listing
ACME Solar Holdings made a weak debut on the stock exchanges, falling short of market expectations. On the BSE Sensex, the stock debuted at Rs 259 per share, marking a 10.3 per cent drop from its issue price of Rs 289. Meanwhile, on the National Stock Exchange (NSE), the shares opened at Rs 251, reflecting a 13.14 per cent decline from the IPO allotment price.
About ACME Solar Holdings
Founded in 2015, ACME Solar Holdings is a leading player in India’s renewable energy sector, with a focus on solar and wind energy projects. The company engages in developing, constructing, owning, operating, and maintaining utility-scale renewable energy projects. It leverages its in-house engineering, procurement, and construction (EPC) division, as well as a dedicated operations and maintenance (O&M) team, to deliver sustainable energy solutions. ACME generates revenue by selling electricity to various off-takers, including central and state government-backed entities.
At 11:51 AM, ACME Solar Holdings shares were trading 9.80 per cent higher at Rs 251.45 per share. In comparison, BSE Sensex was trading 0.42 per cent lower at 77,254.79 levels.
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