Renewable energy company ACME Solar Holdings said in a statement on Sunday that it plans to invest Rs 17,000 crore in capital expenditure to increase its renewable energy capacity to 5 GW by 2026
“In a crucial pivot in our business strategy, we intend to focus our new capacity revenue and margin accretion on hybrid and FDRE renewable energy projects,” the company’s CEO Nikhil Dhingra was quoted as saying in the statement.
ACME Solar plans to expand capacity in two phases starting from April this year, the CEO added.
According to the statement, the company is also evaluating its entry into the nuclear power sector, but 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 the nine months of 2024-25 (April-December), ACME Solar’s portfolio stood at 6,970 MW, of which 2,540 MW is already operational and 4,430 MW is under construction.
“The current operational capacity is split between 67 percent central extraction and 33 percent state extraction. This reflects the increasing demand for renewable energy from both the state and central governments…” the company said in a statement.
ACME Solar Holdings Limited is an India-based renewable energy company with a diversified portfolio across solar, wind, hybrid and FDRE projects. Following its listing on the stock exchange on November 13, 2024, ACME Solar Holdings and its subsidiaries have raised a series of debt financing for renewable energy projects.
Elaborating on 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 projects under construction include a mix of solar, wind, permanently deployable renewable energy (FDRE) and hybrid solutions.
The company’s primary focus is on solar, wind and hybrid renewable energy projects, and given the government’s recent push to engage the private sector, especially in the nuclear power sector, it has expressed interest in exploring nuclear power investments.
India aims to generate 100 gigawatts of nuclear power by 2047.
