ACME Solar Holdings, Hexa Climate Solutions bag FDRE projects – EQ
In Short : ACME Solar Holdings and Hexa Climate Solutions have secured key projects in Ethiopia under the Federal Democratic Republic of Ethiopia (FDRE). These projects will contribute to the country’s renewable energy development, supporting its transition to cleaner energy. The deals highlight Ethiopia’s growing appeal to international companies and its commitment to expanding sustainable energy infrastructure.
In Detail : New Delhi – ACME Solar Holdings and Hexa Climate Solutions have won bids to set up firm and dispatchable renewable energy (FDRE) projects of 400 MW and 300 MW capacities, respectively.
The bids were invited by power giant NTPC for a total of 760 MW FDRE project, industry sources said.
An FDRE plant enables round-the-clock power supply, assisting power distribution companies (discoms) in fulfilling their renewable purchase obligations (RPOs) and energy storage obligations (ESOs).
As per industry sources, ACME Solar Holdings secured 400 MW FDRE capacity at a tariff price of Rs 4.69 per unit, while Hexa Climate Solutions got 300 MW through the reverse auction route.
Avaada Energy Pvt Ltd won the remaining capacity auctioned, sources said.
The bid opened on November 6.
Gurugram-based ACME Solar Holdings is in the process of getting listed on the bourses.
Its initial public offer was subscribed 39 per cent on the first day of the share sale on Wednesday. The renewable energy player collected Rs 1,300 crore from anchor investors ahead of its initial share sale, which opened for public subscription on Wednesday.
Avaada Energy, the renewable power generation arm of Avaada Group, aims to reach an installed capacity of 11 GWp by 2026.
