Acme Solar locks in 300MW hybrid PPA with SECI at ₹3.25/unit
A 25-year power purchase agreement adds roughly ₹256 cr in annual revenue, bringing PPA-signed capacity to 6,870 MW.
— 2 earlier stories on Acme Solar Holdings Ltd. →What's new
- Signed 25-year PPA for 300 MW wind-solar hybrid project with SECI at ₹3.25/unit.
- Project to commence supply by June 30, 2028, with minimum 30% capacity utilisation factor.
- PPA-signed portfolio increases to 6,870 MW out of total contracted 8,070 MW.
Why this matters
The long-term PPA with a AAA-rated offtaker locks in predictable cash flows and de-risks a significant portion of Acme's pipeline. At roughly 10% of FY26 revenue, it provides clear revenue visibility for the next two decades.
What we're watching
- Execution timeline: supply starts only in June 2028, leaving a two-year gap.
- Further PPA signings from the remaining contracted capacity.
- Any pending regulatory approvals for the tariff.
The full read
Acme Solar has turned a previously awarded SECI Hybrid Tranche IX allocation into cash flow certainty. The 25-year PPA with SECI for 300 MW wind-solar hybrid capacity locks in a tariff of ₹3.25/unit, adding an estimated ₹256 crore in annual revenue, roughly 10% of FY26's top line. The offtaker's AAA rating eliminates credit risk, and the hybrid design with a minimum 30% CUF ensures steady generation. The PPA brings Acme's signed portfolio to 6,870 MW, leaving the remainder still to be contracted. Supply won't start until June 2028, so near-term earnings are unaffected. But for a company with a debt-to-equity of 2.31 and a P/E of 49.6, this is the kind of long-duration visibility that justifies the premium. The open question now is execution and how quickly the remaining pipeline gets signed.
Questions answered
- How does this PPA impact Acme's revenue visibility?
- The PPA adds an estimated ₹256 crore in annual revenue at ₹3.25/unit, representing about 10% of FY26 revenue. The 25-year tenure provides long-term cash flow stability.
- What is the status of Acme's total contracted versus PPA-signed capacity?
- Total contracted portfolio stands at 8,070 MW, of which 6,870 MW now have signed PPAs. The remaining capacity is still to be tied up.
- Why is this PPA significant despite being previously awarded?
- The formal PPA execution converts the earlier SECI Hybrid Tranche IX award into a binding contract, de-risking the revenue stream and demonstrating progress in the hybrid/FDRE segment.
- What are the key terms of the PPA?
- 25-year term, tariff of ₹3.25 per unit, minimum annual CUF of 30%, supply start by June 30, 2028, with connection to inter-state transmission substations.
- How does this PPA compare to Acme's existing projects?
- It adds to Acme's growing hybrid portfolio, a key focus area. The offtaker SECI is AAA-rated, enhancing credit quality. The tariff is competitive and pre-approved by regulators.
- What is the financial impact on Acme's balance sheet?
- The PPA itself does not change debt or equity but improves long-term cash flow visibility. Acme had recently secured ₹2,646.64 cr in project funding from REC Ltd for a 450 MW hybrid project.
Acme Solar Holdings Ltd.
Latest quarter · Mar 2026
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All notes on ACMESOLAR →- 21 Jul 2026 · 8:39 AM IST Acme Solar locks in 300MW hybrid PPA with SECI at ₹3.25/unit
- 5d ago Acme Solar secures ₹2,646.64 cr REC funding for 450MW hybrid project
- 50d ago Acme Solar puts a number on its raise. Floor price is ₹294.13.