ACME Solar Holdings Ltd has outlined a plan of investing ₹32,000-35,000 crore in capital expenditure by 2027 to broaden its renewable vitality portfolio, in accordance to chief govt officer Nikhil Dhingra.
The corporate goals to enhance its vitality portfolio to 7 gigawatts (GW) by 2027 from the present 2.5 GW, with a deal with round the clock (RTC) renewable vitality tasks, Dhingra stated in an interview.
Capex push
“Principally, our capex has been divided into two phases. Till 2026, ₹17,000 crore and ₹15,000-18,000 crore within the yr after that,” Dhingra stated. “We’ll enhance from our present operational capability 2.5 GW to 5 GW by 2026 via phase-1 capex, and to 7 GW by 2027 via phase-2 capex.”
Of the deliberate 7 GW capability, about 50% can be agency and dispatchable renewable vitality (FDRE) and hybrid tasks, that are key for round the clock vitality provide with a mixture of photo voltaic, wind and storage capacities, he stated. The remaining would largely comprise vanilla photo voltaic tasks, and standalone wind vitality tasks would stand at about 2%.
“So far as even FDRE and hybrid is worried, hybrid regulatory requirement is to put one-third wind. So, we are going to do this. However hybrid is a really small proportion of our portfolio. FDRE is a bigger proportion. We’ve round 750 MW of hybrid tasks and round 2500 MW of FDRE tasks within the pipeline,” he added.
Its present operational capability of two.5 GW contains largely vanilla photo voltaic tasks
Of the corporate’s formidable capex plan, 75-80% can be funded via debt and the remaining 20-25% can be fairness funding, together with inner accruals, he stated. “So primarily, it must be round ₹6,000-7,000 crore fairness requirement.”
The corporate, which raised ₹2,900 crore in its preliminary public providing in November, is well-capitalized for the primary section of investments with mortgage sanctions of about ₹16,000-17,000 crore already in place.
“We’ve obtained funding for all the things we’d like to do until … finish of 2026. We’ve obtained round ₹16,000-17,000 crore debt sanctions already for the tasks which we’d like to construct within the subsequent yr. Even some money owed for 2027 are already in place as effectively,” Dhingra stated.
“All the fairness is in place for subsequent yr and the yr after additionally. Our fairness sources are a number of. One is that this main capital we now have raised via IPO in November 2024.”
Dhingra added that the development margins and money flows from operational tasks would even be key parts of its deliberate capex.
Monetary snapshot
ACME Solar’s web debt at present stands at about ₹6,800 crore, whereas one other ₹1,900 is money reserves, taking gross debt to about ₹8,700 crore. Up to now six months, the corporate has refinanced debt of about ₹5,500 crore.
For the third quarter ended December, the corporate reported a consolidated web revenue of ₹112 crore, greater than double the revenue reported a yr earlier. Its whole income was ₹401 crore, up 10% year-on-year.
Shares of ACME Solar, which listed at ₹259 on 13 November 2024, closed at ₹202.70 on Friday (21 March), with a market capitalization of ₹12,265 crore.
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