ACME Solar Signs 400 MW NTPC Power Deal At ₹4.37 Per Unit

ACME Solar Holdings Ltd’s wholly owned subsidiary, ACME Marigold Urja Private Ltd, has signed a power purchase agreement (PPA) with NTPC Ltd for a 400 MW firm and dispatchable renewable energy project at a tariff of ₹4.37 per unit. The agreement, disclosed on October 29, 2026, provides for power supply to begin on June 30, 2028, and remain in effect for 25 years from the scheduled commencement date.

The agreement falls under NTPC’s Firm and Dispatchable Renewable Energy (FDRE) Tranche 01 programme. ACME Solar has disclosed the contracted capacity and tariff, but not a total rupee value for the agreement.

ACME Solar’s 400 MW NTPC agreement: Key details

The PPA has been executed by ACME Marigold Urja, a wholly owned subsidiary of ACME Solar Holdings. NTPC is the power purchaser under the agreement.

The key terms are:

• Contracted capacity: 400 MW

• Tariff: ₹4.37 per unit

• Scheduled supply commencement: June 30, 2028

• Agreement tenure: 25 years from the scheduled commencement of supply

• Programme: NTPC FDRE Tranche 01

The project is intended to provide firm and dispatchable renewable power rather than relying solely on generation at the time solar or wind resources are available. Such projects typically combine renewable generation with storage or other arrangements to meet agreed power-supply requirements.

What the PPA means for ACME Solar

A long-term PPA provides a framework for selling contracted electricity over an extended period. For ACME Solar, the 400 MW agreement adds to its portfolio of firm and dispatchable renewable energy projects and gives the company a defined tariff and supply schedule for the contracted capacity.

However, the agreement’s financial contribution will depend on project development, commissioning, operating costs and the terms governing supply. The ₹4.37-per-unit tariff should not be interpreted as profit per unit, and the company has not disclosed a total contract value in the filing.

The agreement is also distinct from the company’s quarterly financial performance. Its eventual contribution to revenue and earnings will depend on when the project becomes operational and electricity supply begins.

ACME Solar’s FDRE expansion

Firm and dispatchable renewable energy projects are designed to make renewable electricity available according to contracted supply requirements. This can involve combining solar or wind generation with battery storage and other balancing arrangements.

ACME Solar’s NTPC agreement adds another 400 MW project to this segment. The scheduled supply date is in 2028, so the immediate development is the signing of the long-term PPA, rather than the commencement of power generation under this contract.

Investors will be watching for further disclosures on project development and commissioning as the scheduled supply date approaches.

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