ACME Solar Holdings’ subsidiary--ACME Aklera Power Technology has secured an award of Rs 47.40 crore as change in law compensation by the Rajasthan Electricity Regulatory Commission (RERC). As a result of the ruling, the 250 MW solar project contracted with Solar Energy Corporation of India (SECI) is expected to benefit with an additional revenue of around 3.5% for a period of 15 years. The case sets a precedent for regulatory certainty and project development cost stability in the renewable energy industry.
The awarded compensation includes compensation towards imposition of basic customs duty on solar cells and modules, increase in GST from 5% to 12% and carrying cost. The total amount is to be received through an annuity mechanism at a discount rate of 9% over a period of 15 years, ensuring fair recovery of unforeseen regulatory cost increases and protecting project economics.
ACME Solar Holdings is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy projects.
