ACME Solar denies grid access was revoked, confirms compliance with listing rules

ACME Solar Holdings Limited on Wednesday (September 10) clarified that none of its projects have had grid access revoked, contrary to reports suggesting otherwise.

The reports stated that India had cancelled grid access for nearly 17 GW of delayed clean energy projects, including those of several companies such as ACME Solar, to prioritise connections for operational or near-completion projects.

In response, ACME Solar confirmed that as of today, none of its connectivity approvals have been revoked or cancelled, and it has not received any communication regarding such action from the Central Transmission Utility of India Limited (CTUIL).

Also Read: ACME Solar confident of steady margins on rising realisations, quality contracts

It stated that it has been regularly submitting required disclosures to stock exchanges and will continue to do so in accordance with regulatory requirements.

Last month, Acme Solar Holdings Ltd said its wholly-owned subsidiary ACME Hybrid Urja Pvt Ltd had secured long-term project financing of ₹3,184 crore from REC Ltd. The contract is for the development and construction of a 280 MW firm and dispatchable renewable energy project (FDRE), contracted with NHPC, the company said.

REC would serve as the sole lender for the project, thereby providing long-term financing for 18 years, the company said. This is REC's third financing initiative of ACME solar's FDRE project, following the previous two contracts, earlier this year, with a cumulative capacity of 570 MW, it added.

Also Read: ACME Solar lines up ₹12,000-14,000 crore capex in FY26 to fuel growth

ACME Solar said the company signed a 25-year power purchase agreement (PPA) with NHPC at a tariff of ₹4.64 per unit. This project combines multiple renewable energy technologies, including solar and battery energy storage systems (BESS), to meet the supply obligations and ensure higher predictability and dispatchability, the company said.

Shares of ACME Solar Holdings Ltd ended at ₹302.30, up by ₹2 or 0.67%, on the BSE today (September 10).