About Acme Solar Holdings Limited

Acme Solar Holdings is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (“FDRE”) projects. They are 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 June 30, 2024 and over the years, they have diversified and expanded their portfolio from solar power projects to become an integrated renewable energy company in India. They develop, build, own, operate and maintain utility scale renewable energy projects (through their 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 have an aggregate Operational Project capacity of 1,340 MW (1,826 MWp) solar power projects; Under Construction Contracted Project capacity of 3,250 MW including solar power projects of 1,500 MW (2,192MWp), wind power projects of 150 MW, hybrid projects of 1,030 MW and FDRE projects of 570 MW; and Under Construction Awarded Project capacity of 1,730 MW comprising 600 MW (870 MWp) of solar power projects, 450 MW hybrid power projects and 680 MW of FDRE power projects. The revenue from their projects in the three months ended June 30, 2024 and June 30, 2023 and Fiscals 2024, 2023 and comprises of revenue from their operational solar projects.

As on June 30, 2024, the Company had 246 permanent employees. The Bankers of the Acme Solar Holdings Limited are Axis Bank Limited and ICICI Bank Limited.

ACME SOLAR HOLDINGS LIMITED COMPETITIVE STRENGTHS
1. Large renewable energy player well positioned to capitalize on strong industry tailwinds in our IPP business
2. End-to-end value chain capabilities and an integrated approach to developing renewable power projects by in-house project development, EPC and O&M teams
3. Expansive portfolio diversified across different renewable energy technologies
4. Long-term stable cash flows based on contracts with central and state government entities
5. Access to diversified sources of funding
6. Design and value engineering leading to higher efficiencies
7. Committed Promoters and senior management team.

ACME SOLAR HOLDINGS LIMITED STRATEGIES
1. Expand and diversify our portfolio to continue to maintain our leadership position
2. Continue to invest in and improve our integrated business model
3. Focus on technology upgrades to improve efficiency and longevity of our projects
4. Continue to diversify our funding sources, optimise our cost of capital and identify partners/investors for future growth.

ACME SOLAR HOLDINGS LIMITED RISK FACTORS & CONCERNS
1. The Company is dependent on their Power Purchase Agreements (“PPA”) to sell power and generate their revenue from operations.
2. The business is dependent on their top 10 off-takers.
3. The Company, ACME Cleantech and ACME Solar Energy have received certain office orders from the Directorate of Enforcement in connection with investigations under the Foreign Exchange Management Act, 1999, as amended.
4. While they have experience in commissioning solar power projects, they do not have experience in commissioning wind, hybrid, FDRE power projects and closed loop pump storage projects. 
5. They incurred loss for the year of ₹ 31.74 million in Fiscal 2023. 
6. There is a limited pool of potential purchasers of utility scale quantities of electricity and the possibility that counterparties to their PPAs may not fulfill their obligations. 
7. Majority of their Operational Projects are located in the states of Andhra Pradesh, Rajasthan and Telangana.
8. The development of renewable power projects may be restrained by their inability to identify or acquire suitable land sites.
9. Bids for pumped storage power projects are limited.