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ACME Solar Energy cancels deal to supply power at record low tariff

Thursday, 21 May 2020
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ACME Solar Energy has cancelled a contract with state-run Solar Energy Corporation of India (SECI) to supply power at the country's lowest tariff due to project delays and uncertainty over the Coronavirus crisis.

The company has cited land acquisition delays, the Coronavirus outbreak and its impact on suppliers of solar cells and modules in China and delay in setting up transmission networks as reasons for terminating the contract under force majeure.

ACME Solar Energy's winning bid of Rs 2.44 (USD 0.0323) to set up 200 MW capacity in the north-western state of Rajasthan in 2017 helped dragged down solar energy prices in India.

The company equalled its record low bid the following year and signed an agreement in December 2018 to supply power. It terminated the contract on 4 May 2020. The projects have already been delayed by 15 months and further delay will continue on account of uncertainty due to COVID-19.

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