ACME Marigold Urja Private Limited, a wholly owned subsidiary of ACME Solar Holdings, has signed a power purchase agreement with NTPC for a 400 MW firm and dispatchable renewable energy project. The agreement follows an award under NTPC's FDRE Tranche-I tender.
The company said the project will supply power at ₹4.37 per kilowatt-hour. Scheduled supply is due to begin on 30 June 2028, and the agreement will run for 25 years from that date. The filing identifies the contracted capacity and commercial terms but does not state the project location, technology mix or total capital cost.
The contract is for dispatchable renewable supply
Firm and dispatchable renewable energy projects combine generation and storage so that electricity can be delivered against a defined schedule, rather than only when wind or solar resources are available. The structure typically requires a portfolio of renewable assets, storage and power-management systems.
NTPC's tender sought 1,200 MW of interstate transmission system-connected FDRE capacity. ACME Marigold Urja's 400 MW contract represents one-third of that tendered capacity.
The tariff fixes long-term revenue
The ₹4.37-per-kWh tariff sets the price for contracted electricity under the PPA. Revenue will nevertheless depend on the project reaching commercial operation and meeting availability, scheduling and supply obligations.
The 25-year term offers long-duration revenue visibility once supply begins. Until commissioning, execution will require land, grid connectivity, equipment procurement, financing and construction across the generation and storage components.
June 2028 is the key delivery date
The scheduled commencement of supply gives the subsidiary about twenty months from the filing date to complete the project. The announcement does not disclose intermediate milestones, penalties or the capacity of battery storage that may be deployed.
Those details will influence the investment profile. Storage sizing, transmission access and renewable-resource design determine whether the project can meet peak and dispatch requirements at the contracted tariff.
The agreement adds to ACME Solar's contracted pipeline
The NTPC agreement expands ACME Solar's portfolio of hybrid and storage-backed projects. It also shifts the project from an auction award into a signed long-term contract, although construction and financing risks remain before operations begin.
For NTPC, FDRE procurement is intended to add renewable power that can be scheduled more reliably than standalone wind or solar output.
Key numbers
- Contracted capacity: 400 MW
- Tariff: ₹4.37 per kWh
- Scheduled supply start: 30 June 2028
- PPA term: 25 years
- NTPC tender capacity: 1,200 MW
What boards and CFOs should note
- What generation, storage and transmission configuration supports delivery at the contracted tariff?
- How will the project be financed, and when will capital expenditure peak?
- Which milestones and penalties apply before the scheduled June 2028 start?
Source: ACME Solar exchange filing, 28 October 2026. This is a summary of an official company filing, published as general information. It is not legal, tax or investment advice.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
