ACME SOLAR — THE NEXT POWER CYCLE IS RENEWABLE + STORAGE

India doesn't just need more electricity. It needs reliable electricity — and that's where ACME Solar gets interesting. ACME Solar is evolving from a conventional renewable-power developer into a broader solar + wind + battery storage + FDRE platform. And the scale is already significant. At FY26 year-end, ACME's total portfolio stood at around 8.1 GW, including approximately 5.1 GW under construction, while cumulative signed PPAs reached 3.28 GW, along with 550 MWh of standalone BESS. But the real opportunity is the shift in India's power mix. Solar → Wind → Battery → FDRE → Round-the-clock power. That matters because renewable energy's biggest historical weakness has been intermittency. Battery storage changes the equation. ACME has already operationalised multiple BESS projects, including 3.62 GWh of BESS capacity in Rajasthan, giving the company exposure to one of the fastest-growing segments of India's electricity infrastructure. And the project pipeline continues to expand. In August 2026, ACME won 300 MW in SECI's 6,000 MWh FDRE tender and also signed a PPA for a 130 MW round-the-clock renewable project. Then comes the financing side. ACME raised approximately ₹3,405 crore of project funding from PFC for its 250 MW FDRE project, while also refinancing ₹2,147 crore of offshore dollar debt through domestic financing — reducing currency-related financing exposure. The long-term flywheel is powerful: More power demand → More renewable tenders → More PPAs → More projects → More operating assets → More generation + cash flows. And India's power demand is already providing the backdrop. Electricity demand rose 12.95% YoY in August 2026, while renewable additions continue at a strong pace. High leverage, interest costs, execution risk, project delays and regulatory/PPA risks all matter. Renewable developers also require substantial upfront capital before projects generate cash.