ACME has signed the power purchase agreement (PPA) for 30 MW solar PV power projects with Uttar Pradesh Power Corporation Limited. The power plant will be set-up at Mahoba District over 150 acres of land. As per the terms and conditions of the agreement, ACME Group would provide approx. 50 mn units power annually for a period of 12 years at a tariff of Rs. 8.93/ KWh and thereafter, it would supply power for further 13 years at the price of eleventh year Average Pooled Purchase Cost(APPC).
Commenting on this momentous occasion, Manoj Kumar Upadhyay, Founder & Chairman, ACME Group said, “We thank the Uttar Pradesh State Government, Uttar Pradesh New and Renewable Energy Development Agency (State Nodal Agency) and Uttar Pradesh Power Corporation Limited for the opportunity given to us to partner with the state through green energy generation. We look forward to helping the state bring down its power demand-deficit and look forward to support from all stakeholders in making this state an ideal green state.”
This project would entail an estimated investment of approx $ 37 mm/ Rs.225 crore. The work on the project shall commence by November 2015 and will be commissioned by August 2016. This will be evacuated by 132 KV line connecting the power plant to the state grid.
The state that has one of the lowest per capita consumption of electricity in the country, and recorded the highest deficit of over 15,000 million unit for the period April last year to February 2015 will be benefited by the spike in renewable energy projects in the state.
The company has an existing portfolio of over 900+ MWp including 104 MW in Punjab, 160 MW in Andhra Pradesh, 100 MW JNNSM Phase II Projects in Rajasthan and other projects in the states of Gujarat, Madhya Pradesh, Rajasthan, Odisha and Chhattisgarh. The company aims to generate 7500 MW by the year 2017.