The company will sign a Power Purchase Agreement (PPA) with TSNPDCL and TSSPDCL for developing 446 MW at a Weighted Average Tariff of Rs 5.84/- (US$0.0913/-).
The awarded projects will be developed by ACME in 18 locations by December 2016. At 22 %, ACME Group received the largest share of the 2000 MW tender which saw participation from 85 companies.
Manoj Kumar Upadhyay, Founder & Chairman of ACME Group, has commented on the win:
"The success of the largest solar power tender in India reflects the country's focus towards solar power. [...]. The emergence of ACME Solar in the bid has further strengthened our position as the leading solar power producer in the country with more than 1 GW of projects in the pipeline.
Through this win, our strategy to achieve distributed power spread across states for local consumption and substations' local capacity has come true."
ACME Solar has an existing portfolio of more than 1 GW, including 104 MW in Punjab, 160 MW in Andhra Pradesh, and 100 MW JNNSM Phase II Projects in Rajasthan. The company aims to generate 7,500 MW by 2017.