Acme, Inox explore exit from renewable energy projects won at record low tariffs
Acme Group and Inox Group that bid the India’s lowest solar and wind tariffs respectively this year now plan to exit the projects, according to media reports.
Inox Wind Infrastructure Services Ltd bid Rs3.46 per kilowatt-hour (kWh) to win a 250 megawatt (MW) wind power contract in a 1 gigawatt (GW) tender by state-run Solar Energy Corporation of India (SECI) in February. Acme Solar Holdings Pvt. Ltd placed a winning bid of Rs 2.44 per kWh in May to set up 200MW capacity at the Bhadla solar park in Rajasthan in another auction also conducted by SECI.
According to media reports, with Chinese solar module prices firming up, Acme is exploring an exit. Inox is also trying to exit with a sale condition precedent which involves the acquirer to use Inox Group’s wind turbines.
The $3 billion Inox Group in March announced the sale of its operating wind power farm assets to Leap Green Energy Pvt. Ltd. Also, Russia’s Rosatom State Atomic Energy Corp. is exploring an investment in Inox Group’s wind turbine manufacturing business with a 1600MW capacity. Any deal if concluded will have to meet the tender bid conditions.