ACME Solar Holdings plans to diversify into nuclear energy and will also expand its solar and hybrid energy capacity. The company, which presently has 2.5 gigawatt (GW) of solar capacity is aiming to increase it to 3.5 GW by the end of 2026 and 7 GW by 2027 before reaching its target of 10 GW contracted capacity by 2030, its chief executive officer Nikhil Dhingra said. The company has planned an investment of up to Rs 17,000 crore in the first phase to add 3.5 GW of capacity.
“As far as new businesses are concerned, we are keen on nuclear power because other than power production, we are primarily in the PPA (power purchase agreement) business. Our aim is to sell power in a long-term contracted manner,” Dhingra said.
ACME Solar expects a number of projects to be commissioned this year, including a 50 megawatt (MW) wind power project in Gujarat, which is expected to be completed by March and a 300 MW solar power project in Rajasthan, likely to be commissioned by May. It also expects another 100 MW wind power project in Gujarat to be commissioned by Oct-Nov.
The new and upcoming projects would integrate hybrid and firm and dispatchable energy (FDRE) solutions, Dhingra said. Dhingra noted that the upcoming fiscal is the right time to roll-out its capex and fast-track expansion given the lower cost of raw materials and surplus exports from China post the tariffs imposed by the US.
ALSO READAdani Group revives plans for major investments in the US: Report
“We see it is a good time to do capex due to the primary lower prices of these components and there is not enough demand globally for the competing products. So if somebody is doing an early capex, he will stand to gain because he will have more leverage with suppliers,” the CEO said.
In addition to this, the company is evaluating to enter into the nuclear energy space given the government’s support to private industry players in the sector. It is also evaluating setting up pump storage plants.
The government is targeting 100 GW nuclear power capacity by 2047 and has announced a National Nuclear Energy Mission encouraging private sector participation. Acme Solar is among the many private companies including Tata Power, Reliance Industries,
» Read More
