One of India’s leading renewable energy producers has made significant strides in the green energy sector, ranking among the top 10 renewable energy players in the country. The company’s stock has shown remarkable performance, surging 8.65% to reach Rs. 248.65 per share, reflecting strong market confidence.
In a major development, its subsidiary ACME Sun Power Private Limited has secured substantial funding for ambitious renewable energy projects in Rajasthan and Gujarat. The projects demonstrate the company’s commitment to India’s clean energy transition and its expertise in developing integrated renewable energy solutions.
Share Price Movement
The share price of Acme Solar Holdings Limited went up by 8.65 percent to Rs. 248.65 per share on Monday, an increase from its previous close of Rs. 228.85 per share. The market capitalisation now stands at approximately Rs. 15,045 crore as of November 18, 2024.
What Happened
ACME Sun Power Private Limited, a subsidiary of ACME Solar Holdings, secured funding for renewable energy projects in Rajasthan and Gujarat. The projects include a 320 MW FDRE facility combining solar capacity in Jaisalmer and wind sites in Bhuj & Jam Khambhaliya. REC Limited is providing the loan financing. The loan is worth Rs 3,753 crore (approximately $450 million USD) in loan financing from REC Limited.
Q2 Financial Highlights
According to its recent filing, in the quarter ending September 2024, Acme Solar Holdings Limited’s consolidated revenue from operations has decreased by 16.11 percent QoQ from Rs. 369.13 crore in Q4 FY24 to Rs. 309.64 crore in Q1 FY25. The company’s consolidated net profit has decreased by 98.3 percent, from Rs. 82.33 crore in Q4 FY25 to Rs. 1.39 crore in Q1 FY25.
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Market Outlook
India’s renewable energy sector is showing exceptional growth momentum. The government targets 500 GW of non-fossil electricity by 2030, with significant progress shown by 13.5 GW capacity addition in 2023. The sector is receiving substantial financial support, with Rs. 8,500 crore allocated for solar infrastructure and Rs. 17,490 crore for green hydrogen initiatives. With electricity demand expected to rise 8% in 2024 and renewable capacity projected to reach 170 GW by March 2025, the industry demonstrates strong growth potential.
Shareholding Pattern
As of the November 2024 shareholding pattern, Acme Solar Holdings Limited is primarily held by the promotors at 83.41 percent, foreign institutional investors hold 6.69 percent, and the public with 4.08 percent.
About Company
ACME Solar Holdings Limited, one of India’s largest independent power producers, plays a pivotal role in the nation’s renewable energy sector. With a substantial 3,668 MWp of solar power capacity as of March 2024, ACME Solar ranks among the top ten renewable energy companies in the country. Headquartered in India, the company operates across 12 states, focusing on utility-scale projects that support both governmental and corporate sustainability initiatives.
The company has diversified its renewable energy portfolio to include wind, hybrid solar-wind systems, and battery storage. By integrating advanced hybrid technology, ACME maximises energy efficiency and reliability, advancing the country’s transition toward sustainable power. Its key projects include 3,440 MW of solar across 11 states and a 150 MW wind project.
Under Chairman Manoj Kumar Upadhyay’s leadership, ACME Solar remains committed to sustainable practices, receiving numerous awards for innovation and community empowerment. The company’s vision aligns closely with global climate goals.
Written By Fazal Ul Vahab C H
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