ACME Group, a leading solar power player in India, announced that it had signed the PPA for 30-MW solar photovoltaic power projects with Chhattisgarh State Power Distribution Company Ltd.
As per the terms and conditions of the agreement, ACME Group would provide approximately 50 million units of power annually for a period of 25 years at a tariff of Rs. 6.46 per KWh.
Manoj Kumar Upadhyay, Founder and Chairman, ACME Group, said, “We look forward to helping Chhattisgarh bring down its power demand-deficit and look forward to support from all stakeholders in making this state an ideal green state.”
This project would entail an estimated investment of Rs. 210 crore.
The work on the project will commence by June 2015 and it will be commissioned by December 2015. This will be evacuated by 33 K and above line connecting the power plant to nearest grid.
In October, ACME Group received final approval for a credit facility of $100 million from Asian Development Bank. Of this, $50 million will be utilised in developing 100 MW projects in Rajasthan and the remaining amount will be used for upcoming projects.
ACME has also sourced an investment from IFC in the form of an ‘A’ loan of up to $34 million (Rs. 201.9 crore) for the 100-MW project in Rajasthan under the ambit of JNNSM. Earlier, IFC also funded Rs. 73.10 crore for the company’s 25-MW solar power project in Madhya Pradesh, which was commissioned early this year.
The company has an existing portfolio of 422.5 MW including 160 MW in Andhra Pradesh, 100 MW JNNSM (phase-II) projects in Rajasthan, and other projects in Gujarat, Madhya Pradesh, Rajasthan, Odisha, Chhattisgarh, Assam, Uttar Pradesh and Bihar. The company aims to generate 1,000 MW by 2017.