ACME Solar shares in focus as 68 MW Gujarat wind project goes operational

ACME Solar Holdings’ shares are likely to remain in focus during Tuesday’s trading session on January 20 after the renewable energy company announced the commencement of operations for a significant portion of its wind power project in Gujarat.


The company said it has begun commercial operations of 68 MW capacity from its 100-MW wind power project located at Surendranagar district in Gujarat. The project is being implemented in phases through its subsidiary, ACME Eco Clean Energy Pvt Ltd.



ACME Solar added that the latest commissioning of 12 MW capacity in the final phase has taken the total operational capacity of the project to 68 MW, out of the planned 100 MW. Once fully completed, the project will further strengthen the company’s renewable energy footprint in the wind segment.


Power generated from the wind project will be sold under a long-term 25-year Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL), ensuring stable and predictable revenue over the long term. The project has been financed by Power Finance Corporation (PFC).


Gurugram-based ACME Solar Holdings is a leading integrated renewable energy player with presence across solar, wind, storage, firm and dispatchable renewable energy (FDRE), and hybrid solutions. The company currently has an operational capacity of 2,958 MW, while another 4,562 MW is under construction, including 15 GWh of battery energy storage system (BESS) capacity.

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On the stock market front, ACME Solar shares closed 1.36% lower at Rs 213.61 on the NSE on Monday.


On the valuation front, ACME Solar Holdings is currently trading at a price-to-earnings (PE) ratio of 27.22. The stock’s price-to-sales (P/S) ratio stands at 8.27, while its price-to-book (P/B) ratio is placed at 2.91, reflecting the market’s valuation of the company relative to its earnings, revenue, and book value.


According to Trendlyne data, the stock’s 14-day Relative Strength Index (RSI) stands at 29, indicating an oversold zone, which may signal the possibility of a near-term rebound. However, the stock continues to trade below all its key short- and long-term moving averages, reflecting a bearish technical trend.


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