Acme Solar Seeks 1 GW Renewable Energy Projects

28 Jan 2025 CW Team

Acme Solar Holdings is actively seeking to acquire 1 GW of renewable energy projects with land and grid connectivity to swiftly expand its operational portfolio, according to CEO Nikhil Dhingra.

He explained that acquiring portfolios with a focus on shovel-ready solar and wind projects would help accelerate the implementation of their target capacity, with a particular focus on mergers and acquisitions (M&A).

Acme Solar Holdings currently operates assets totalling 2.5 GW and has an under-construction portfolio of 4.4 GW, as confirmed by Dhingra.

He highlighted that the major challenges in scaling renewable energy projects are securing land and grid connectivity, which require significant time and resources. Acquiring projects with both land and grid connectivity is more beneficial for the acquirer compared to those with fully developed capacity, as it offers greater value.

For well-capitalised companies with power purchase agreements (PPAs) in place, acquiring these projects will speed up revenue generation through quicker project implementation, Dhingra added. His company went public last November with a Rs 2,900-crore initial public offering, including a Rs 2,395-crore fresh issue.

State-owned NTPC and Oil and Natural Gas Corporation (ONGC) are also looking to acquire projects with land and grid connectivity to rapidly scale up their renewable energy operations.

Dhingra further mentioned that the government’s mandate to use domestically manufactured cells in solar modules from June 2026 would likely increase module costs, raising power tariffs in future auctions. However, this would not affect Acme Solar’s 4.4 GW ongoing portfolio.

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