Monday, 27 October 2014

ACME bags 160 MW solar projects in AP, to invest Rs. 1250 cr

Solar power producer ACME Group has emerged as the largest successful bidder for 160 MW solar PV power projects at the 500 MW tender opening ceremony at Hyderabad floated by Southern Power Distribution Company Limited of Andhra Pradesh (APSPDCL).
This project would entail an estimated investment of $ 210 million (about Rs. 1250 crore). ACME is one of the 51 bidders who took part in the process with others including First Solar and Welspun Energy.
As per the terms and conditions of the bidding document, the selected developer would sign a 25-year-long Power Purchase Agreement with AP Discom.
Manoj Kumar Upadhyay, Founder and Chairman, ACME Group, in a statement said, “This win is the country’s largest win by any private solar developer. With this addition, our solar power portfolio has reached 422.5 MW and we are on way to generate 1000 MW by year 2017.”
The 160 MW projects would be set-up in the three districts of Anantapur, Kurnool and Chittoor in Andhra Pradesh.
The new residual State of AP had invited bids from developers to procure 500 mw of solar power. However, it has received good response with bids of more than 1296 MW.