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Renewable energy firm ACME Solar Holdings plans to invest Rs 17,000 crore as capital expenditure to boost renewable energy capacity to 5 gigawatts by 2026, the company said in a statement Sunday.
"We intend to focus our new capacities on the revenue and margin accretive Hybrid and FDRE renewable energy projects as a critical pivot in our business strategy," Nikhil Dhingra, CEO of the company, was quoted in the statement. The CEO added that ACME Solar plans to expand capacity in two phases, starting in April this year. According to the statement, the company is also evaluating entry into the nuclear energy segment, though these plans are still on the drawing board. As part of a broader strategy, ACME Solar aims to triple its current renewable capacity to 7 GW by 2028. As of nine months of 2024-25 (April- December), ACME Solar's portfolio stood at 6,970 MW, with 2,540 MW already operational and 4,430 MW under construction projects. "The current operational capacity off-take is split between central off-takers 67 percent and state off-takers 33 per cent. This is reflective of the growing demand for renewable energy across both the state and central governments...," the company statement read. ACME Solar Holdings Limited is a renewable energy company in India with a diversified portfolio across solar, wind, hybrid and FDRE projects. Since its listing on the stock exchanges on November 13, 2024, ACME Solar Holdings and its subsidiary have secured a series of loan financing for renewable energy projects. Delving into the company's business strategy, Nikhil Dhingra pointed out that ACME Solar's growth plan is focused on expanding its solar capacity and diversifying its project mix. Its under-construction projects include a mix of solar, wind, firm dispatchable renewable energy (FDRE), and hybrid solutions. While the company's core focus remains on solar, wind and hybrid renewable energy projects, it has expressed interest in exploring nuclear energy investments, particularly in light of the recent government push to involve private sector participation in the nuclear power sector. India aims to generate 100 GW of nuclear power by 2047. At COP26, held in 2021, India committed to an ambitious five-part "Panchamrit" pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030. India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070. Green energy for climate mitigation is not just a focus area for India, but globally, it has gained momentum. (ANI)
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