The contract is for the development and construction of a 280 MW Firm and Dispatchable Renewable Energy Project (FDRE), contracted with NHPC, the company said.
REC would serve as the sole lender for the project, thereby providing long-term financing for 18 years, the company said. This is REC’s third financing initiative of ACME Solar’s FDRE project, following the previous two contracts, earlier this year, with a cumulative capacity of 570 MW, it added.
ACME Solar said the company signed a 25-year power purchase agreement (PPA) with NHPC at a tariff of ₹4.64 per unit.
This project combines multiple renewable energy technologies, including solar and battery energy storage system (BESS) to meet the supply obligations and ensures higher predictability and dispatchability, the company said. It is designed to meet a minimum annual CUF of 40% and peak hours availability of 90% on a monthly basis, it added.
Acme Solar shares were up 2% at ₹291.5 apiece at 10 am on Wednesday. The stock has gained 24.2% this year, so far.
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