ACME to set up solar power project in state

Gurgaon-based ACME Tele Power Ltd seems to be betting big on renewable energy sector. The Rs. 2,000 crore company has chalked out plans to set up 110 Mw solar thermal power project in Gujarat involving an investment around Rs. 1,500 to Rs. 1,600 crore.

The company has zeroed in on Banaskantha district for its proposed solar thermal power project, for which it requires a total of 800 acres of land.

"The project will be executed in a phased manner. In the first phase, 50 Mw unit will be set up across 400 acres of land.

We expect to commission 50 Mw capacity by December 2010. Remaining 60 Mw capacity will be added over the period of next two to three years time", said RB Mishra, vice-chairman, ACME.

The intends to complete the entire project by March 2014. ACME has entered into a technology partnership with US-based eSolar. In fact, the company is taking up solar thermal power projects in various states of India.

The company has planned solar thermal power projects aggregating to 500 Mw, which include 15 Mw and 150 Mw plants in Rajasthan and 100 Mw and 15 Mw projects in Madhya Pradesh and Maharashtra respectively.

"In the long run the company is aiming to install power generation capacity of 10,000 Mw", Mishra added.

ACME is also looking at coming up with its public issue by March next year to raise around Rs. 1,000 crore by diluting 5 to 10 per cent equity.