ACME Solar signs 400 MW PPA with NTPC at ₹4.37/unit

has signed a 400 MW renewable power purchase agreement (PPA) with NTPC at a tariff of ₹4.37 per unit. Power supply is scheduled to begin in June 2028. The agreement marks a step forward in ACME Solar’s renewable energy portfolio and provides a long-term power offtake arrangement with a major public-sector power producer. A PPA helps establish the agreed tariff and buyer for the contracted electricity, supporting revenue visibility once supply begins, subject to the contract terms and project execution. The 400 MW capacity adds to the company’s contracted renewable power business. However, the financial contribution will depend on project development, commissioning timelines, generation performance, financing costs and operating expenses. Since supply is expected to start in June 2028, the agreement is more relevant to medium-term growth than immediate revenue. The announcement does not specify the project location, technology mix, PPA tenure or investment required for this capacity. My View: The 400 MW PPA is positive for ACME Solar because it adds contracted capacity and strengthens future revenue visibility. The agreed tariff of ₹4.37 per unit and the scheduled supply start in June 2028 are important factors to track alongside project execution and funding requirements. What to watch: Project development and commissioning progress. Supply commencement in June 2028. Project costs, financing and operating margins. Additional PPAs and contracted capacity. Stance: ACMESOLAR – POSITIVE (7/10)