ACME Solar wins 130 MW Railways tender for renewable energy

ACME Solar Holdings Ltd has emerged as the winning bidder for 130 MW in the Indian Railways’ Round-the-Clock (RTC) Renewable Energy tender, conducted through an e-reverse auction by REMC Ltd (REMCL).

The project is part of REMCL’s larger 1,000 MW RTC renewable energy initiative, ACME Solar Holdings said in a regulatory filing to the stock exchanges.

ACME's winning bid was ₹4.35 per unit, the company said in its exchange filing, adding that the Letter of Award expected to be issued within the stipulated timelines.

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The renewable energy company said, the power procured under this tender will be supplied directly to Indian Railways, which requires a consistent and reliable power supply to meet its unique around-the-clock load profile.

Under the structure of this tender, Railways will enter into a direct Power Purchase Agreement (PPA) with the winning developers, with no intermediary involved.

According to ACME Solar, the discovered tariff suggests a rising competitiveness of hybrid renewable energy solutions combining solar, wind, and battery storage to deliver high-capacity-utilisation power throughout the day at cost-effective rates.

As part of the project obligations, ACME Solar must supply RTC renewable power supported by dispatchable sources and/or Energy Storage Systems (ESS) from ISTS-connected facilities.

The tender mandates minimum annual availability of 75% during the first three years from commissioning, increasing to 85% thereafter. Achieving this will require a mix of solar and battery capacity, complemented by wind power wherever necessary.

The company is expected to commission the project within 30 months of signing the PPA.

ACME noted that the availability of land and transmission connectivity within its existing portfolio will help accelerate deployment.

Currently, ACME Solar operates as a leading integrated renewable energy developer with a diversified presence across solar, wind, storage, firm and dispatchable renewable energy (FDRE), and hybrid systems. Its portfolio includes 2,934 MW of operational contracted capacity and 4,456 MW under construction, along with 13.5 GWh of battery storage installations.

With in-house EPC and O&M capabilities, the company manages the end-to-end development and operation of its plants, enabling timely and cost-efficient delivery and strong operating performance.

Shares of ACME Solar opened at ₹239.10 on NSE, but fell over 2% to ₹233.2 before the market closed on Monday, November 24. The stock is down more than 17% in the last one month.