ACME Solar

What ACME Solar does

ACME Solar Holdings Limited is an India-based renewable energy Independent Power Producer (IPP) listed on BSE and NSE since November 2024. Founded in 2003 by Manoj Kumar Upadhyay as part of ACME Group, the company entered the renewable energy sector in 2009 and commissioned its first solar plant in 2012. It develops, builds, owns, and operates utility-scale solar photovoltaic, wind, hybrid, and Firm & Dispatchable Renewable Energy (FDRE) projects that combine solar, wind, and battery energy storage to deliver round-the-clock power. The portfolio spans approximately 7.39 GW contracted across 11 Indian states, with 2,918 MW operational, 4,472 MW under construction, and ~591 MW / 2,031 MWh of battery energy storage system (BESS) capacity already commissioned toward a 10 GWh target by 2027.

The core product architecture centers on four categories: ~3,140–3,440 MW of utility-scale solar PV, ~150 MW of wind capacity, 3,380–3,480 MW of hybrid/FDRE integrating approximately 15 GWh of BESS, and standalone ISTS-connected BESS projects in Rajasthan. A flagship 1,200 MW ISTS solar installation across four SPVs connects to the Fatehgarh pooling substation. Revenue is generated primarily through 25-year fixed-tariff Power Purchase Agreements (PPAs) won via competitive reverse auctions at Rs 6.28/kWh (SECI FDRE) and Rs 6.74/kWh (SJVN FDRE), with secondary revenue from BESS merchant-market arbitrage currently generating ~Rs 2.2 crore per day.

Customers are concentrated in government and quasi-government off-takers — Solar Energy Corporation of India (SECI), SJVN, NHPC, state DISCOMs, and Railway Energy Management Company (REMCL) — with Tata Power-D as a corporate offtake. Distribution runs entirely through competitive bidding processes and direct PPA negotiations rather than consumer-facing channels. ACME also operates a 1.2 GW solar PV module manufacturing facility in Jaipur (under MKU Holdings) and is pioneering Green Hydrogen and Green Ammonia projects in Duqm, Oman (with Yara offtake) and Odisha. FY26 total revenue reached Rs 2,507 crore (+59.2% YoY) with PAT of Rs 498 crore (nearly doubled from Rs 251 crore in FY25).

Name

ACME Solar

Legal name

ACME Solar Holdings Limited

Website

https://acmesolar.in

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

101–250 employees

Short description

ACME Solar Holdings is an India-listed renewable energy IPP developing, building, and operating utility-scale solar, wind, hybrid, and FDRE (solar-wind-battery) projects under 25-year PPAs with government off-takers like SECI, SJVN, NHPC, and state DISCOMs across 11 states.

Ownership category

akta.pro rank

Product category

Utility-Scale Renewable Energy Generation

NAICS

Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911), Electrical Work (1731)

akta.pro primary industry

Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB)

akta.pro secondary industries

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)

Keywords

• Utility-scale solar power
• Battery energy storage
• Renewable energy generation
• Firm dispatchable renewable energy
• Wind power projects

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Supply Chain, Operations, Personnel

Revenue model

1. Power Sales through PPAs: ACME Solar generates revenue primarily through long-term Power Purchase Agreements (PPAs) with government-backed entities like SECI, SJVN, NHPC, and state DISCOMs. Tariffs are fixed under competitive bidding processes (e.g., Rs 6.28/kWh for FDRE projects). Revenue visibility is provided by contracted capacity of 8,071 MW with 6,570 MW already having signed PPAs.
2. Merchant Power Sales and BESS Arbitrage: Battery Energy Storage Systems generate revenue through tariff arbitrage by charging during off-peak periods and discharging during peak demand. The company reported generating approximately Rs 2.2 crore per day through BESS merchant market operations. This provides upside revenue beyond contracted PPAs.
3. Qualified Institutions Placement (QIP): Equity capital raise from institutional investors including domestic mutual funds, insurance companies, and foreign investors (BlackRock, Goldman Sachs, Abu Dhabi Investment Authority). Successfully raised Rs 2,800 crore in June 2026.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

ACME Solar is a renewable energy Independent Power Producer that develops, builds, owns, and operates utility-scale solar, wind, hybrid, and FDRE (Firm and Dispatchable Renewable Energy) power projects, generating electricity sold through long-term Power Purchase Agreements with government entities and corporate customers. The company manages a ~7.39 GW portfolio across 11 Indian states, with ~2,918 MW operational and ~4,472 MW under construction, including one of India's largest BESS deployments (over 591 MW/2,031 MWh).

Product overview

ACME Solar Holdings Limited is one of India's largest renewable energy Independent Power Producers (IPPs) operating a diverse portfolio of clean energy assets. The company manages approximately 7.39 GW across four core product categories: Solar Power Projects (3,140-3,440 MW), Wind Power Projects (~150 MW), Hybrid/FDRE Projects (3,380-3,480 MW with ~15 GWh BESS), and Standalone Battery Energy Storage Systems. The portfolio is geographically distributed across 11 Indian states with major installations in Rajasthan, Gujarat, and other regions. Strategic initiatives include a 1.2 GW solar PV module manufacturing facility in Jaipur and Green Hydrogen/Ammonia projects in Oman and Odisha. The company operates through multiple wholly-owned subsidiaries including ACME Sun Power Private Limited, ACME Surya Power Private Limited, ACME Suryodaya Private Limited, ACME Renewtech Sixth Private Limited, and ACME Eco Clean Energy Private Limited. Total operational capacity stands at 2,918 MW with 4,472 MW under construction.

Differentiator

Problem solved

Functional benefit

Products and services

• Utility-Scale Solar Power Projects Utility-scale solar photovoltaic power generation projects delivering clean and affordable energy to government and corporate offtakers under long-term PPAs. ACME Solar manages approximately 3,140-3,440 MW of solar capacity across India.
• Utility-Scale Wind Power Projects Wind power generation capacity delivering reliable renewable energy. ACME Solar operates approximately 150 MW of wind capacity, including a 100 MW wind project in Surendranagar district, Gujarat.
• Hybrid / FDRE (Firm and Dispatchable Renewable Energy) Projects Integrated renewable energy projects combining solar, wind and battery energy storage systems (BESS) providing stable, uninterrupted round-the-clock power generation with minimum 85% annual availability. ACME Solar's hybrid/FDRE portfolio includes ~3,380-3,480 MW of combined capacity with ~15 GWh of battery storage.
• Battery Energy Storage Systems (BESS) Standalone and integrated battery energy storage solutions providing grid stability, energy arbitrage, and renewable energy integration. Operational capacity of 591.18 MW/2,031.24 MWh (over 2 GWh) deployed across subsidiaries including ACME Sun Power, ACME Surya Power, and ACME Suryodaya in Rajasthan, generating approximately Rs 2.2 crore per day through merchant market operations.
• 1,200 MW ISTS Solar Project (Flagship) Flagship 1,200 MW ISTS-connected solar power installation spanning four SPVs across 4,400 acres with precision-engineered solar modules, advanced inverters and transformers, connected to the Fatehgarh pooling substation. Sets a benchmark for large-scale renewable power generation in India.

Quantifiable outcome

• FY26 PAT nearly doubled to Rs 498 crore from Rs 251 crore in FY25
• +4 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators11 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Sembcorp Industries (India Renewables): Owns and operates utility-scale renewable energy projects in India following the acquisition of ReNew Power's stake. Competitor in solar/wind/hybrid IPP space and overlaps on SECI/DISCOM offtake.
• Adani Green Energy: India's largest renewable IPP with utility-scale solar, wind and hybrid capacity. Directly comparable to ACME Solar on technology, customer base (DISCOMs/SECI tenders), and long-term PPA business model; the two are most often named together as execution leaders in Indian renewables.
• Tata Power Renewable Energy: Tata Power's renewables arm develops and operates utility-scale solar, wind and hybrid projects in India and is also a buyer of FDRE from IPPs like ACME. Overlaps directly on project type, geography and offtake counterparties.
• JSW Energy: Listed Indian IPP expanding aggressively into solar, wind and battery storage with a target of 10 GW renewable capacity. Comparable business model (utility-scale renewable generation under long-term PPAs) and competes for the same SECI/SJVN/NHPC tenders as ACME.
• ReNew Power: One of India's largest renewable IPPs with utility-scale solar, wind and hybrid capacity. Competes head-to-head with ACME in government tenders and shares the same customer base of state DISCOMs and central PSUs.
• Greenko Group: Indian renewable IPP with significant solar, wind and large-scale pumped hydro storage. Directly comparable on the FDRE/round-the-clock renewable thesis ACME is pursuing via BESS, and operates under similar long-term PPA structures.
• Hero Future Energies: Indian renewable IPP focused on utility-scale solar, wind and hybrid projects with battery storage integration. Competes for similar government tenders and serves the same DISCOM/industrial customer base.

Broad incumbents

• Reliance New Energy / Reliance Industries: Large conglomerate building a renewables + green hydrogen + battery storage platform in India through Reliance New Energy. Overlaps with ACME on solar EPC, BESS and green hydrogen ambitions but as part of a much broader portfolio with deeper balance sheet.
• NHPC Limited: Central government hydropower IPP that has expanded into solar and FDRE tenders and is both a customer (NHPC awarded ACME 250 MW FDRE) and a competitor in India's renewable tender market. Comparable on PPA structure and offtake dynamics.

Others

• Suzlon Energy: India's largest wind turbine manufacturer and wind IPP. Comparable through its wind energy generation business, particularly relevant to ACME's 150 MW wind portfolio and hybrid/FDRE strategy that integrates wind with solar and storage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/ACMEGroup_India
• Facebookfacebook.com/acme.in
• LinkedInlinkedin.com/company/acme_group

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries12 records

Funding overview

Funding rounds10 records

Investors18 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ACME Solar