Acme Solar Holdings

“Yes, because we are targeting to capitalize whole of 12 gigawatt hour of BESS in this financial year only.”

“Third, about 19 gigawatt-hour of BESS already contracted with reputed suppliers including CATL, Hithium, Ganfeng, Trina, and CLOU.”

“In terms of gross block, gross block for Q1 was around INR24,900 crores, and for this quarter it stands at roughly INR28,500 crores, right, which is capex of roughly INR3,500 crores, which we're talking about during the quarter.”

“Sorry, INR6,000 crores of spend, out of which INR3,500 crores is capitalized and INR3,000 crores is CWIP.”

“So we have, we have plans of buying modules for these projects from, you can say, June onwards of next year. So because these are, commission targets from December onwards -- December to March of '28, those are the timelines for commissioning these projects.”

“But of course, as far as the partial commissioning goes, it will be substantially higher, maybe 2.5, 3 gigawatts. Because as far as AC commissioning goes, we have already charged 2.5 gigawatts of capacity in terms of that.”

“It will be upwards of 1.5 to 2 gigawatts in terms of that generation, in terms of the megawatt peak we will install.”

“Of course, bulk of it will be driven by Fatehgarh-II, which has around already installed of around 700 megawatt peak is already installed at that. We are just awaiting the GNA going live.”

“So there also, let's say at Bikaner, currently 133 megawatts is charged out of 300 megawatts.”

“we have operationalized 133 megawatts of, grid-facing solar, right? Of course, that is what we have done in this quarter.”

“Through short-term BESS contracts, we have locked in more than INR1,600 crores of revenue for partial sale of FY27 capacity and more than INR1,500 crores for partial sale of capacity for FY28, with the balance to be tied up through future bids.”

“Through short-term BESS contracts, we have locked in more than INR1,600 crores of revenue for partial sale of FY27 capacity and more than INR1,500 crores for partial sale of capacity for FY28, with the balance to be tied up through future bids.”

“We signed 430 megawatts of FDRE PPAs during the quarter.”

“Additionally, we yesterday signed another 400 megawatt FDRE PPA with NTPC, taking the overall PPA signed portfolio to 92% out of the total contracted portfolio of 8,370 megawatts.”

“So, there is around INR0.33 reduction, out of which INR0.11 is tentative change in law, and INR0.22 is voluntary. So, I think that's the broad reduction in the tariff for the NTPC PPA.”

“CTUIL has initiated the grant of BESS connectivity under non-ROFR route, speeding up deployment. For us, it helps build a large BESS pipeline at preferred high GHI sites in Rajasthan.”

“The Union Cabinet has approved INR1.36 lakh crores for interstate transmission -- intrastate transmission and INR50,000 crores for 50 gigawatt-hour of BESS, targeting the evacuation of 135 gigawatt of renewable energy.”

“The scheme targets 5,000 megawatt of floating solar with at least 2 hours of co-located storage and provides central financial assistance of up to INR1 crores per megawatt after commissioning. This opens up new business opportunities for us in the floating solar market.”

“A strong tender pipeline, 20+ gigawatts of upcoming tenders across solar plus BESS, FDRE, CfD, and PHSP.”

“As you can see in the cycle of our recent PPA, we won a PPA and it got signed, we won a bid and it got signed to PPA around 2 months, within 2 months.”

“Our blended EBITDA margin was 86.7%, which comprises 90.8% from renewable generation and 78.3% from BESS operations, where the cost of power purchased to charge the batteries sits within the operating expenses.”

“So, and that's why we have been able to do between INR90 lakh to INR1 crores kind number for the capex which we have capitalized on our books.”

“So we are not doing a greenfield installation. So that saves us around INR20 lakhs per megawatt-hour of capex.”

“So it's a combination of factors, but overall the battery doesn't look to be going up at all. It will go down.”

“But of course, we have whatever, briefings we have done, we are getting prices of lower than 17 as of now.”

“The weighted average cost of debt for our fully operational projects is around 8.4%. Around 65% of these borrowings are from PFC, REC, IREDA, and NaBFID”

“Further, CRISIL has upgraded ACME Solar Holdings rating outlook to AA- positive from AA- stable.”

“We don't foresee interest rate hikes from let's say INR10,000 crores out of our INR15,000 crores debt book, operational debt book, which is there.”

“Let's say 9%-plus debt which interest rate which we are paying in a lot of these projects which are under construction, will move down to let's say 9% sub, substantially sub-9% rate.”

“As we are seeing even during the under-construction phase, we are getting two projects refinanced, which is in progress, where the battery is commissioned, the solar is very close to commissioning, but we are getting it refinanced.”

“One is that we've done a QIP raise, of around INR2,800 crores. So that has of course resulted in us paying down some of the debt, which has resulted in saving that interest cost.”

“in the last quarter the other expenses were higher because there was a one-time expense of the authorized capital being a company and the probably in almost 7 companies to 8 companies, this was almost INR20 crores.”

“Yes, around 2.5 crores per SPV you need to pay that.”

“So, in terms of the GNA dependency, right -- for these for battery, we have no GNA dependency because we are only doing battery installations at places where GNA is available, right?”

“Of course, we don't have any tie-up for the buying power as of now. We are of course dependent on these IEX prices for buying power”

“15 gigawatt is not at risk in terms of the GNA connectivity, because the substations we are targeting for these 15 gigawatts have a timeline of 2028 at last and maybe early 2029.”

“Of course, given the Chinese regulations which have come into force in terms of the recent Chinese regulations, so if it impacts the cell capacity in India, then we will have to see.”

“So, most of the peak power projects we are doing, the GNA is operational. So, there is no risk to these timelines.”

“Total revenue for the quarter stood at INR1,007 crores, which is up 67.5% year-on-year, while EBITDA increased 63.6% to INR874 crores, driven primarily by short-term peak power BESS operations and renewable capacity additions.”

“Profit after tax rose 133.5% via Y-o-Y basis to INR269 crores, of which represents a PAT margin of 26.7%.”

“Our asset base grew by INR11,466 crores over the year to INR28,462 crores following the commissioning of BESS and RE projects.”

“Our CUF for the quarter improved from 24.1% to 27.8% year-on-year, and power generation grew 19.6% to 1,840 million units.”

“Additionally, we sold 324 million units through short-term peak power BESS contracts.”