ACMESOLAR

Updates August 1 story on August 2 with background in paragraph 2; SPDA comment in paragraph 6, India power ministry in paragraphs 10, 11

By Sudarshan Varadhan

SINGAPORE, Aug 1 (Reuters) - India's stranded renewable power capacity - projects awarded but unable to come online - more than doubled over nine months, due to unfinished transmission lines, and legal and regulatory delays, letters from an industry group to the government showed.

The South Asian nation aims to more than double its non-fossil fuel power capacity to 500 gigawatts (GW) by 2030, but the acceleration has left projects without firm agreements to supply power.

Renewable projects that won tenders to generate power but are yet to sign power purchase agreements with buyers have surged to over 50 gigawatts (GW), India's Sustainable Projects Developers Association (SPDA) said in a letter to the Ministry of New and Renewable Energy on June 27.

That compared with stranded projects of over 20 GW, another letter sent by the SPDA on October 4 showed. Both letters were reviewed by Reuters.

Tendered projects cumulatively worth billions of dollars awarded to companies including JSW, NTPC NTPC.NS, NTPG.NS, Adani Green ADNA.NS, ACME Solar ACMO.NS, Renew RNW.O and Sembcorp SEMB.NS are stranded, two industry officials familiar with the matter said.

"Energy transition is not just about building solar and wind capacity, it is also about ensuring that clean power reaches in a most optimum cost and timely manner," the SPDA said in its June 27 letter to the renewable energy ministry.

The stranded solar and wind capacity without buyers of over 50 GW reported by the SPDA is about a quarter the size of India's current installed renewable capacity of 184.6 GW.

The companies did not respond to Reuters requests seeking comment.

Delays in critical transmission infrastructure - especially in sun-drenched states such as Rajasthan and Gujarat - have forced many solar plants to miss commissioning deadlines, the SPDA said in the June letter.

Interstate transmission lines connecting renewable energy projects to the grid are being fast-tracked, and compensation for landowners allowing power cables on their property has been increased to facilitate construction, the federal power ministry told Reuters.

India plans to connect 230 GW of renewable energy projects to the grid through interstate transmission lines, of which 20% have been completed, 70% are under construction and the remainder is being bid out, the ministry said, without specifying a timeline for completion.

Renewable projects are also stuck due to prolonged legal disputes over land and environmental permissions, SPDA said, adding that several developers have paused operations over unresolved court cases.

(Reporting by Sudarshan Varadhan
Editing by Frances Kerry and Louise Heavens)

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By Sudarshan Varadhan

SINGAPORE, Aug 1 (Reuters) - India's stranded renewable power capacity - projects awarded but unable to come online - more than doubled over nine months, due to unfinished transmission lines, and legal and regulatory delays, letters from an industry group to the government showed.

Renewable projects that won tenders to generate power but are yet to sign power purchase agreements with buyers have surged to over 50 gigawatts (GW), India's Sustainable Projects Developers Association (SPDA) said in a letter to the Ministry of New and Renewable Energy on June 27.

That compared with stranded projects of over 20 GW, another letter sent by the SPDA on October 4 showed. Both letters were reviewed by Reuters.

The stranded solar and wind capacity without buyers of over 50 GW reported by the SPDA is about quarter the size of India's current installed renewable capacity of 184.6 GW.

"India's energy transition is not just about building solar and wind capacity, it is also about ensuring that clean power reaches in a most optimum cost and timely manner," the SPDA said in the June 27 letter to the renewable energy ministry.

The ministry did not immediately respond to a request seeking comment.

India has been ramping up renewables as it pushes to more than double its non-fossil fuel power capacity to 500 GW by 2030. A record 22 GW of solar and wind capacity came online in the six months ended June, government data showed.

However, tendered projects cumulatively worth billions of dollars awarded to companies including JSW, NTPC NTPC.NS, NTPG.NS, Adani Green ADNA.NS, ACME Solar ACMO.NS, Renew RNW.O and Sembcorp SEMB.NS are stranded, two industry officials familiar with the matter said.

The companies did not respond to Reuters requests seeking comment.

The SPDA includes leaders of some of India's largest renewable energy producers Renew Power, ACME Group and Avaada Group as members of its core committee.

Delays in critical transmission infrastructure - especially in sun-drenched states such as Rajasthan and Gujarat - have forced many solar plants to miss commissioning deadlines, risking financial penalties and potential loss of government incentives, the SPDA said in the June letter.

The SPDA urged the government in the same letter to recognise delays in approvals and transmission construction as force majeure events to help protect developers from financial penalties, and to expedite regulatory permissions.

Renewable projects are also stuck due to prolonged legal disputes over land and environmental permissions, it said, adding that several developers have paused operations over unresolved court cases.

(Reporting by Sudarshan Varadhan
Editing by Frances Kerry)

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** Shares of ACME Solar Holdings Ltd ACMO.NS rise as much as ~10% to 297.48 rupees

** Renewable energy co reported over 94-fold y/y rise in Q1 consol net profit to 1.31 bln rupees ($15.2 mln); total income rose 71.8%

** Adds, rev increase driven by capacity addition and higher capacity utilization factor

** Stock on track to snap 2 days of losses

** More than 7.1 mln shares traded as of 10:26 a.m. IST, 3.7x their 30-day moving avg;

** Mean rating of stock is 'strong buy'; their median PT is 327.5 rupees - data compiled by LSEG

** ACMO last up 9.3%, adding to YTD gains of 14.8%

($1 = 86.4560 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

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July 25 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:

• ACME SOLAR HOLDINGS LTD JUNE-QUARTER CONSOL NET PROFIT 1.31 BILLION RUPEES

• ACME SOLAR HOLDINGS JUNE-QUARTER CONSOL TOTAL INCOME 5.84 BILLION RUPEES

Source text: ID:nBSE92V11L

Further company coverage: ACMO.NS

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July 7 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:

• PLACES BATTERY STORAGE ORDER FOR 3.1 GWH FROM ZHEJIANG NARADA AND TRINA ENERGY

Source text: ID:nNSE450MMs

Further company coverage: ACMO.NS

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June 25 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:

• ACME SOLAR HOLDINGS LTD - 25-YEAR PPA SIGNED FOR 300 MW CAPACITY AT 3.05 RUPEES PER KWH

Source text: ID:nBSE57HYBq

Further company coverage: ACMO.NS

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June 24 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:

• COMMISSIONING OF FINAL PHASE OF 60 MW SOLAR POWER PROJECT BY UNIT AT BIKANER

• ACME SOLAR COMMISSIONS 300 MW SIKAR SOLAR PROJECT IN RAJASTHAN

Source text: ID:nnAZN40S8D0

Further company coverage: ACMO.NS

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June 23 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:

• ACME SOLAR HOLDINGS LTD - COMMISSIONS ADDITIONAL 3.3 MW WIND POWER PROJECT

Source text: ID:nBSE4sDL3x

Further company coverage: ACMO.NS

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June 20 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:

• SIGNS 25-YEAR PPA WITH NHPC FOR 250 MW PROJECT

• PPA SIGNED AT 4.56 RUPEES PER KWH WITH 40% CUF

Source text: ID:nBSE4zP1Vd

Further company coverage: ACMO.NS

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** India's Acme Solar Holdings' ACMO.NS shares jump by an exchange-allowed maximum of 10% to 210.35 rupees for the second consecutive session

** The renewable energy developer's Q3 profit more than doubled from last year

** Kotak starts coverage on stock with "buy" rating and fair value of 320 rupees

** "ACME’s revenues are estimated to grow at 52% CAGR over FY2024-28E, on the back of incremental project commissioning of 4.4 GW," says Kotak

** Stock down 27% from its IPO price of 289 rupees after listing on Nov. 13

(Reporting by Vivek Kumar M)

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** Shares of Acme Solar Holdings ACMO.NS jump by an exchange-allowed maximum 10% to touch 191.23 rupees

** ACMO shares mark best intraday pct gain since their debut in Nov

** The renewable energy developer on Wednesday reported Q3 profit that more than doubled to 1.12 bln rupees ($12.93 million) on higher capacity additions

** ACMO shares down ~ 24% since Nov listing

($1 = 86.5900 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru)

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Jan 28 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:

• SIGNS PPA WITH NHPC FOR 680 MW FDRE PROJECT

Source text: ID:nBSEbGrT1Q

Further company coverage: ACMO.NS

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** ACME Solar Holdings ACMO.NS rises 3.4% to 237.9 rupees

** Co's unit commissions additional capacity of 90 mega watt solar power projects in Rajasthan

** ACMO's total operational renewable energy generation capacity rises to 2453 MW

** Stock has shed 6% since listing in November 2024

(Reporting by Ashna Teresa Britto in Bengaluru)

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Jan 8 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:

• ACME SOLAR HOLDINGS LTD - UNITS COMMISSIONS ADDITIONAL 90 MW SOLAR PROJECTS IN RAJASTHAN

Source text: ID:nBSE4lqNLT

Further company coverage: ACMO.NS

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Dec 26 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:

• ACME SOLAR HOLDINGS LTD - SECURES 19.88 BILLION RUPEES FINANCING FROM PFC

• ACME SOLAR HOLDINGS LTD - WINS 300 MW SECI ISTS SOLAR PROJECT

• ACME SOLAR HOLDINGS - GETS 300 MW SECI ISTS SOLAR PROJECT AT TARIFF OF 3.05 RUPEES PER UNIT

Source text: ID:nBSE4yXRbD

Further company coverage: ACMO.NS

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Dec 19 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:

• COMMISSIONS 1,023 MW CAPACITY IN JAISALMER

• REMAINING 177 MW CAPACITY IN PROCESS OF COMMISSIONING

• PROJECT FINANCED BY PFC AND REC

• PROJECT HAS 25-YEAR PPA WITH SECI AT TARIFF OF 2.44 RUPEES/ UNIT

Source text: ID:nBSE2pqHB

Further company coverage: ACMO.NS

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** Shares of Acme Solar Holdings ACMO.NS rise 1.7% to 272.75 rupees

** Renewable energy co wins 250 MW renewable energy project at tariff of 4.56 rupees per unit

** Project includes a green-shoe option that could potentially expand total capacity to 500 MW

** ACMO up ~9% since its trading debut on Nov 13

(Reporting by Vijay Malkar)

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** NTPC Green Energy NTPG.NS, the renewable energy arm of NTPC NTPC.NS, gains 13.6% to 122.65 rupees on market debut after $1.2 bln IPO

** Priced at 108 rupees, NTPG garnered bids worth $1.8 bln; oversubscribed two-folds

** NTPG IPO biggest in India's renewable energy industry - data aggregator Dealogic

** NTPC Green Energy's consistent top-line growth encouraging, though temporary fluctuations in profitability and margins remain a concern, says Shivani Nyati of Swastika Investmart

** Co will use funds to repay its unit NTPC Renewable Energy's debt

** Rival Waaree Energies WAAN.NS also debuted 66% higher earlier this year, while ACME Solar ACMO.NS slumped 13% in debut trade earlier this month

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of ACME Solar Holdings Ltd ACMO.NS fall as much as 7.4% to 238.80 rupees

** Renewable energy co reports 60.4% y/y fall in Q2 net profit; rev fell 19.7% y/y

** Adds, in Q2 FY25, EBITDA margin reduced to 86.8% on account of increase in manpower expense on y/y basis

** More than 1.4 mln shares traded as of 11:16 a.m. IST, vs their 30-day moving avg of over 7.3 mln shares

** Stock trims some losses to last trade 3.7% lower

** Including day's losses, ACMO down ~1.9% since listing on Nov. 13

($1 = 84.2675 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

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Nov 25 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:

• ACME SOLAR HOLDINGS SEPT-QUARTER CONSOL NET PROFIT 153 MILLION RUPEES

• ACME SOLAR HOLDINGS SEPT-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 2.6 BILLION RUPEES

Source text: [ID:]

Further company coverage: ACMO.NS

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Nov 15 (Reuters) - ACME Solar Holdings Ltd ACMO.NS:

• ACME SOLAR HOLDINGS - SEARCH BY TAX DEPARTMENT CONCLUDED WITHOUT SEIZING DOCUMENTS, ITEMS

Further company coverage: ACMO.NS

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** Shares of ACME Solar Holdings ACMO.NS shed 13% at 251 rupees on their first day of trading after IPO

** Price for the solar panel maker's 29 bln rupees IPO was at 289 rupees per share

** ACMO issued new shares worth 5.05 bln rupees (~$60 million) while existing shareholders sold shares worth 23.95 bln rupees in IPO

** Proceeds of the IPO will be used paying its units' borrowings, prospectus showed

** Larger rival NTPC Green Energy announced price band of 102-108 rupees for its IPO which opens on Nov. 19 for retail investors

** ACMO's IPO was over subscribed 2.8 times, exchange data showed

($1 = 84.3570 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

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