Acme Solar IPO listed @ Rs. 251

November 13, 2024 admin 1 Reply Post Comment

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What is the business of Acme Solar?

Acme is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (“FDRE”) projects. It is one of the largest renewable energy independent power producers (“IPP”) in India and among the top 10 renewable energy players in India in terms of operational capacity as of March 31, 2024 and over the years, it has diversified and expanded its portfolio from solar power projects to become an integrated renewable energy company in India. It develops, builds, owns, operates and maintains utility scale renewable energy projects (through our in-house engineering, procurement and construction (“EPC”) division and operation and maintenance (“O&M”) team, and generate revenue through the sale of electricity to various off-takers including central and state government-backed entities.

The Company was established in 2015 to consolidate the ACME Group’s renewable energy business and to capitalize on the opportunities in the Indian renewable energy industry. The ACME Group is promoted by Manoj Kumar Upadhyay and ACME Cleantech was incorporated in 2003. The ACME Group has a track record of developing, executing and commissioning a total of 2,719 MW (3,668 MWp) of solar power projects from inception.

It has an aggregate Operational Project capacity of 1,320 MW (1,802 MWp) solar power projects; Under Construction Contracted Project capacity of 1,650 MW including solar power projects of 1,500 MW (2,192 MWp) and wind power projects of 150 MW; and Under Construction Awarded Project capacity of 2,380 MW comprising 300 MW of solar power projects, 830 MW hybrid power projects and 1,250 MW of FDRE power projects, as of March 31, 2024. Subsequently, in May 2024, it signed power purchase agreements for two of its under construction awarded FDRE projects with an aggregate capacity of 570 MW taking its Under Construction Contracted Project capacity to 2,220 MW, as of the date of this Draft Red Herring Prospectus. FDRE projects offer significantly higher tariffs and capacity utilization factors (“CUFs”) compared to pure-play solar and wind projects. With this expanding portfolio, it has enhanced its capabilities and product offerings and emphasized its commitment to sustainable energy development. This ensures that it remains responsive to evolving market dynamics while maintaining its presence as a key player in the renewable energy sector. It has also strategically divested certain solar power projects to investors delivering value to the shareholders, with a cumulative capacity of 1,379 MW (1,842 MWp) and used the proceeds from such sale to grow our business. 

For more information, click https://www.acmesolar.in/

Acme Solar IPO GMP grey market premium, review, Subscription, allotment, listing estimate

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Acme Solar IPO GMP grey market premium, review, Subscription, allotment, listing estimate