ACME Secures ₹5,600 Crore Loan for Andhra Pradesh Green Energy Project

ACME Secures ₹5,600 Crore Loan for Andhra Pradesh Green Energy Project

Green Energy Projects to get boost

ACME Cleantech has successfully secured a ₹5,600 crore loan from the Power Finance Corporation (PFC), a leading financial institution in the energy sector, to develop a nationwide renewable energy supply project in Andhra Pradesh. This significant funding from a reputable institution like PFC will support the development of advanced renewable energy infrastructure, contributing to India’s clean energy goals and stimulating regional economic growth.

Power Finance Corporation Backs Renewable Project

The substantial loan, which could have a tenor of 17 years, is a pivotal move in ACME’s strategy to enhance India’s renewable energy landscape. The project, awarded under a tender process conducted by the Solar Energy Corporation of India (SECI) in April last year, is expected to be completed by [specific date]. This project aims at developing 1.2 gigawatts of hybrid renewable energy projects, combining wind and solar power generation, backed by battery storage, ensuring a reliable power supply during peak hours.

ACME’s Share in the Renewable Energy Project

ACME, in a collaborative effort with ReNew Power, Hero Future Energies, and Amp Energy, has emerged victorious in the SECI tender. ACME’s share of the project is a commendable 380 megawatts, with ReNew Power securing the largest portion of 600 megawatts. The remaining capacity was divided between Hero Future Energies and Amp Energy. This collective effort is a significant stride towards India’s renewable energy targets.

Ensuring Uninterrupted Power Supply

A crucial aspect of this project is the mandatory installation of an energy storage system with a minimum capacity of 100-megawatt hours for every 100 megawatts of project capacity. This innovative requirement ensures that the renewable energy generated can be stored and supplied consistently, addressing the challenge of power supply disruptions during peak hours. This is a unique feature of the project that sets it apart from other renewable energy initiatives.

Collaboration with SECI and State-Owned Discoms

The power purchase agreement (PPA) for the sale of the generated power will be signed with SECI. The agency is expected to enter into back-to-back agreements with other off-takers, including state-owned power distribution companies. This structure ensures that the power produced will be efficiently distributed to meet the nation’s energy demands. The PPA includes [specific details about the agreement], ensuring the project’s financial sustainability.

Integration with Inter-State Transmission

The projects will be connected to the inter-state transmission system, facilitating power evacuation from the production site to various parts of the country. This integration is vital for ensuring that the renewable energy generated in Andhra Pradesh can be distributed nationwide, supporting India’s goal of a sustainable energy future.

ACME Group’s Expanding Portfolio

Gurugram-based ACME Group, founded by Manoj Upadhyay, has a significant portfolio of solar power projects. According to its website, ACME has nearly 10 gigawatts of solar projects under construction and 1.5 gigawatts of operational solar power projects. This new project in Andhra Pradesh further strengthens ACME’s position as a leader in the renewable energy sector.

Economic and Environmental Impact

The development of this green energy project is expected to have a substantial impact on the regional economy of Andhra Pradesh. The infusion of ₹5,600 crore will not only create jobs but also drive economic growth in the region. The project is estimated to [specific economic benefit], contributing to the region’s economic development. Moreover, the project aligns with India’s commitment to reducing carbon emissions and promoting sustainable energy sources.

Commitment to Clean Energy

ACME’s initiative is a testament to its unwavering commitment to clean energy and sustainability. By securing substantial funding and forging a partnership with SECI, ACME is poised to play a pivotal role in India’s transition to renewable energy. The success of this project could set a precedent for future renewable energy initiatives, fostering more investment in the sector.

ACME Cleantech’s ₹5,600 crore loan from the Power Finance Corporation marks a significant milestone in India’s renewable energy journey. Developing the green energy project in Andhra Pradesh will contribute to the country’s clean energy goals and promote regional economic growth. With a solid commitment to sustainability and innovation, ACME is leading the charge towards a greener future for India.

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