Renewable energy player ACME Group on Thursday said it will invest Rs 600 crore to develop 74 MW of solar PV power projects in Punjab.
Delhi-based ACME is one of several companies that have won mandates to install solar power projects in the state.
According to the bid document floated by the Punjab government, ACME will be signing two power purchase agreements—one for 24 MW at 7.16/ kWh and the other for 50 MW at 7.06/ kWh.
“We take pride in announcing our partnership with the Punjab government as the largest solar power developer in the state to help them in their endeavor to fuel the solar revolution in the country,” ACME founder and chairman Manoj Kumar Upadhyay said in a press release.
Punjab, which receives sunshine for about 300 days in a year, has the potential to generate solar energy at 4-7 KWh/sqm, the company said.
ACME, which has 701 MW of installed capacity including the proposed Punjab project, aims to touch 7,500 MW by 2019.