ACME group to develop 80 MW solar project in Telangana, to invest Rs. 660 cr.

Solar power project developer ACME Group has announced it has emerged as the successful bidder for 80 MW solar PV power projects at the 500 MW tender opening under RFP floated by Southern Power Distribution Company of Telangana Limited.

As per the terms, the selected developer would sign 25 year long PPA with Telangana discoms. The project has to be commissioned within 10 months after signing of the PPA and the financial closure of the project must be done within 150 days after the signing of the PPA.

Manoj Kumar Upadhyay, Founder & Chairman, ACME Group, in a statement said, 'With this addition, our solar power portfolio has reached ­­­502.5 MW and we are on way to generate 1,000 MW by year 2017.'

This project would entail an estimated investment of $107 mm (Rs. 660 crore)

Last month, ACME Group received final approval for credit facility of $100 million loan from Asian Development Bank.


HBL